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Outside markets were negative throughout the day Monday with the US Dollar trading higher and stocks lower which kept gains limited in the Chicago wheat market.
Wheat rode the coattails of strong gains in the soybean market today. Also supportive was the long-term weather outlook from the government, which calls for above-normal temps and below-normal rainfall for much of the Plains through January.
Wheat had modest gains on tightening supplies and global production concerns. Outside markets for the most part were negative as US stocks were lower, crude oil also closed lower and the dollar slightly higher.
December Chicago wheat finished the day lower despite a sharply lower US Dollar and a surging crude oil market.
Wheat futures posted double-digit losses and the US dollar moved sharply higher.
Wheat futures were the upside leader Friday and nearby contracts ended with gains in the teens at all three locations.
Wheat traders worked to even positions ahead of USDA's Supply & Demand Report Wednesday morning. Wheat interest in that report is all about world production numbers. Most traders feel the USDA could cut 2012/13 world ending stocks.
Wheat closed sharply higher on Thursday. Outside markets were supportive as the Stock Market was also higher, with gains in crude oil and precious metals.
Wheat futures saw a choppy day of trade and favored the downside into the close on Tuesday.The wheat market closed near the low end of the day's trading range as profit taking took over, despite the lower US Dollar.
Wheat and corn drifted lower on Friday while soybeans held strong throughout the day in quiet trade. For the week, wheat futures posted slight losses.
September Chicago wheat traded slightly higher midday on Wednesday after falling nearly $1 dollar off the highs made last Friday.
Farm of the Future
The weaker wheat trade was linked to a lower corn market and profit taking before meetings are held in Russia Wednesday to discuss their domestic grain supply.
Farm of the Future
September Chicago wheat traded sharply lower into the close of Tuesday's session as traders took profits following gains this week. The wheat market began the day weaker, but losses were accelerated after corn began to tumble from its record highs.
Wheat futures followed the lead of corn and soybean lower on Tuesday. With spillover support that wheat had been riding to the upside gone, the market is without solid support, leaving futures vulnerable to selling pressure.
Farm of the Future
Spillover support from corn pushed wheat to new highs and outside markets provided a positive tilt with the US Dollar trading slightly lower on the day Monday.
July wheat closed moderately higher on the session but down off of the early highs.
The market stayed strong for much of the session in a fairly tight range on Monday. The turn down in the US dollar helped to provide some underlying support and some stability for US financial markets helped.
July wheat traded moderately lower for much of the day. Ideas that the rally in the past week was too aggressive, weakness in outside markets and further talk of at least some rain in Russia to ease drought concerns helped to pressure.
The surge higher in the other grains plus talk that funds hold a near record net short position in wheat helped to spark aggressive short-covering and sharply higher trade into the mid-session on Thursday.
The market managed to close slightly higher on Wednesday after choppy and two-sided trade.