Further Liquidation in Markets
Oct 04, 2011
Kansas City wheat futures traded lower today in another day of technical liquidation, according to traders. Initial weakness was triggered by outside markets, with equities trading lower again this morning on global economic concerns.
In addition to outside markets, traders said, weakness in wheat came from Stats Canada announcing a new wheat production estimate of 24.16 million metric tonnes versus the last estimate of 23.2 million metric tonnes.
The possibility of some good storms in hard red winter wheat areas this weekend also weighed on Kansas City wheat futures this morning, traders added.
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