KC Wheat Lower on Economic Concerns
Jun 01, 2012
Kansas City wheat futures traded mostly lower this morning with economic concerns weighing on the market, according to traders.
Some economic news out of China was negative this morning, and the U.S. unemployment number increased from 8% to 8.2%, traders said. The U.S. economy only added 69,000 new jobs, compared to an expected 150,000, traders added.
USDA weekly wheat export sales were poor, estimated at a negative 64,000 metric tonnes of old crop and 325,000 metric tonnes of new crop wheat. Previous estimates ranged from 400,000 to 550,000 metric tonnes.
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