Wheat Market Recap: 9 September 2011
Dec Wheat finished off 8.25 at 729.75, 12.50 off the high and 2,75 up from the low.
Mar Wheat closed down 9.75 at 764.50. This was 3 up from the low and 13.50 off the high.
Dec Wheat closed moderately lower on the session and down about 47 cents for the short week.
A rise in the USD led by European debt concerns helped to drive the market lower into the mid-session and to the lowest level since August 11th.
Talk of some rains for the southern plains next week and ideas that Russia and Ukraine will continue to undercut US exporters helped to pressure.
Weekly export sales came in at 512,200 metric tons which was a bit higher than expected.
As of September 1st, cumulative wheat sales stand at 42.5% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 yr average of 44.8%. Sales of 440,000 metric tons are needed each week to reach the USDA forecast.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.