Commodity Online MUMBAI: U.S. wheat futures finished near session lows and extended losses for the week amid pressure from other markets and fund selling on Thursday. Weakness in corn and soybeans and strength in the U.S. dollar set a bearish tone for wheat, traders said.
Losses accelerated heading into the close. Commodity funds sold an estimated 3,000 contracts at the CBOT. There are ideas the markets are carving out early harvest-time lows.
CBOT September wheat has support in the area from $5.25- $5.30 a bushel, said Jason Britt, president of Central State Commodities. There is an “unwillingness to really want to press down” below that area, he said.
Trade sitting at the comfort of home. Start with a mere 50$CBOT September wheat closed down 6 1/2 cents at $5.29 a bushel, 1 cent above its open outcry session low. Kansas City Board of Trade September wheat fell 9 1/4 cents to $5.64 1/4, 1 cent above its session low. Minneapolis Grain Exchange September wheat closed down 11 cents to $6.22 1/2, above its session low of $6.18 1/4.
Courtesy: CBE Group
