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Grains posted a rather quiet session on light selling as most traders were content to take to the sidelines for Thanksgiving.
Grain trade continued to see pressure from long liquidation as buying
interest failed to materialize.
On Tuesday, the three wheat markets closed near unchanged due to lack of interest from either side of the market.
Traders continue to add risk premium to the wheat market after some feel Black Sea exports will slow in the next quarter which could shift international demand to North America.
Farm of the Future
September Chicago wheat traded sharply higher into the close after reports that more agricultural regions in Russia have declared emergencies due to the recent drought.
Strong spillover from the corn market, easing seasonal pressure and global crop concerns paved the way for the wheat market to post strong gains this week.
Wheat contracts were lower Friday unable to overcome pressure from the stronger U.S. Dollar Index.
An active harvest period just ahead for winter wheat helped to pressure the market on Friday. The surge in the US dollar has also curtailed buying interest for US wheat.
Some cooler weather and rains in the central plains plus a little better weather forecast for much of the northern hemisphere essential growing areas was seen as a key negative force on Tuesday's wheat markets.
Bearish outside market forces clashed with talk of the oversold condition in wheat markets and talk that the recent set-back in prices could attract increased demand.
After a positive beginning on Tuesday, wheat markets softened by day's end and the cattle futures closed down the 300 point daily trading limit in the April through December contracts all due to a rumored case of BSE.
A bullish tone to outside market forces and talk that US wheat will be competitive on the export market ahead added to the positive tone on Thursday. Weakness in the US dollar and a surge higher in other grains, gold and energy markets helped to support.
Wheat futures began Tuesday morning slightly firmer and continued to build gains throughout the day. The futures were supported again by spillover from corn and soybean futures and the outside markets.
Thursday's release of USDA's crop reports was fairly uneventful.