Commodity Online
MUMBAI: U.S. wheat futures closed mostly lower on continued harvest pressure and bearishness about comfortable supplies. The markets extended losses after closing lower Monday and Tuesday.
It seems as though traders want to sell strength as wheat was higher overnight but unable to sustain gains during the day, a market analyst said. Seasonal harvest pressure weighed on prices amid limited buying interest, analysts said. There are ideas wheat is close to carving out earlyharvest lows, they say.
The supply story for wheat continues to look bearish, as U.S. and world ending stocks are considered comfortable, a trader said. Minneapolis Grain Exchange wheat recovered from losses to close flat after leading the downside Tuesday. Commodity funds sold an estimated 3,000 contracts at the CBOT.
Trade commodities or equities from across the globe. Join NowCBOT September wheat closed down 5 1/4 cents at $5.35 1/2. Kansas City Board of Trade September wheat fell 6 1/2 cents to $5.73 1/2, and MGE September wheat ended unchanged at $6.33 3/4.
Courtesy: CBOT Group
