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Wheat futures enjoyed gains most of the day and rallied into the close Wednesday. The market gains were thanks to sharp weakness in the U.S. dollar index.
A promising forecast for rain in the western plains along with better the advertised moisture in southern Australia added to the negative trade Monday.
Monday's lower trade was attributed to weaker trade in corn and traders heading to the sidelines as tensions escalate in the Middle East.
Wheat saw spillover from neighboring pits, as well as from concerns U.S. wheat isn't competitively priced on the global market.
The wheat market struggled to hold a firm footing Monday after weather conditions for most US wheat growing areas were seen as a negative force. Outside markets offered limited direction with the US Dollar steady on the day and US stocks slightly higher.
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Outside markets added pressure with US Stocks and crude oil both trading weaker on the day Monday.
The wheat market was supported Wednesday by a stronger corn trade and ideas that global feeding demand will be in the rise.
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The strength in the wheat market on Monday stemmed from a sharply higher corn market as the trade continues to be concerned over the drought conditions in the Corn Belt and the effect on the new crop corn yield.
Live cattle futures posted a strong finish to end the week with sharp gains. August live cattle ended more than $3 above last week's close.
Wheat futures were able to run counter to outside markets on Thursday morning, but as the dollar rocketed higher and the stock market plummeted on disappointing U.S. economic data, losses in the corn market spilled over to wheat.
A strong US dollar, good growing weather for the new crop and an active harvest for winter wheat helped to pressure the wheat market on Tuesday.
The supportive outside market forces of higher equity markets and a weaker US dollar faded into the mid-session on Thursday and this, along with weaker corn values helped pull the wheat market well off of the highs.
Weakness in the other grains, improving crop conditions and a bearish weather outlook has helped pressure the wheat market to moderately lower on Tuesday into the mid-session.
Wheat futures were lightly supported by mild short-covering on Monday ahead Tuesday morning's release of USDA's report. Traders are anticipating a downtick in the old-crop carryover projection, but supplies are abundant domestically and globally.
May wheat collapsed to close sharply lower on the session Thursday as fund traders were active sellers across a wide range of the commodity markets.
May wheat closed moderately lower on the session as good weather for the winter wheat crop, continued fund selling and weakness in corn helped to pressure the market to new lows into the close.
The USDA's Supply and Demand Report is released this morning and traders expect to see higher exports and lower ending stocks for the US in the update.
May wheat closed slightly lower on the session after choppy and two-sided trade.