KC under Pressure from Outside Markets
Sep 09, 2011
Kansas City wheat futures traded both sides of unchanged today but were lower by midday under pressure from outside macro markets, according to traders.
The U.S. stock market traded lower amid renewed fears of debt default in Europe and the U.S. dollar traded significantly higher, traders said.
Weekly wheat export sales were decent, traders said, estimated at 512,300 metric tonnes. Previous estimates ranged from 300,000 to 500,000 metric tonnes.
Continued concerns about dry weather in the Southern Plains of the U.S. brought underlying support to the market, but outside markets were the key factor today, traders added.
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