US wheat closes near session lows on weather view

imageCHICAGO: US wheat futures sagged 2 percent to their lowest in nearly 11 weeks on Monday, pressured by good forecasts for growth across key growing regions and light export demand, traders said.

Showers that will boost soil moisture were forecast for the southern US Plains, the country’s main hard red winter wheat growing area.

Soft red winter wheat will benefit from protective snow cover that will guard the crop from damage related to freezing conditions in the US Midwest.

The front-month Chicago Board of Trade soft red winter wheat contract posted the biggest decline and bottomed out at $ 5.19-1/4 a bushel, its lowest since Nov. 11, 2014.

K.C. hard red winter wheat hit its lowest since Oct. 1 and MGEX spring wheat dropped to its lowest since Nov. 19.

CBOT soft red winter wheat, K.C. hard red winter wheat and MGEX spring wheat all closed near session lows.

The US Agriculture Department said on Monday morning that 263,035 tonnes of wheat were inspected for export in the latest week, near the low end of trade forecasts ranging from 250,000 to 400,000 tonnes.

Copyright Reuters, 2015

You may also like...

Rules of Discussion on US wheat closes near session lows on weather view

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
4. Providing Advice/Recommendations/Tips is fine but it should be free. Members cannot ask to be paid for it. Paid Advice is stricly prohibited
5. Spam links are not allowed. Self-promotion once a week is allowed. Too much promotion or using Contact info in ID will lead to account ban.