Wheat Rallies with Chinese Grain Interest
Apr 29, 2010
Further indication that China is interested in feed grains from the U.S. led Kansas City wheat futures to rally today, according to traders. In addition to a purchase of 115,000 metric tonnes of corn yesterday, China purchased 120,000 metric tonnes of soybeans today and is sending signals that the country is increasing in demand for U.S. feed grains, traders said. Increase in demand for meat in China is supporting the feed grain usage, traders added. The U.S. Dollar was lower this morning, but still remains higher on the week, traders said. USDA weekly wheat export sales reports were above expectations of 300 to 400 thousand metric tonnes, estimated at 468.4 thousand metric tonnes.
KC May wheat was 13 1/2 cents higher at $5.05 at midday.
CASH GRAIN: The basis continues to feel steady and quiet, traders said.
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