Small Profit Taking Ahead of USDA Reports
Jul 10, 2012
Kansas City wheat futures traded slightly lower today with some small profit taking ahead of tomorrow's USDA production and supply and demand reports, according to traders.
A private firm has raised their Chinese winter wheat crop estimate to 114.3 million metric tonnes, higher than their previous estimate, traders said. This new number is lower than the current USDA estimate, traders added.
Kazakhstan's grain crop estimate is being estimated at a lower number by the Kazakhstan Agriculture Ministry.
Corn, soybeans, and Spring wheat all showed declines in yesterday's USDA progress reports but were trading lower this morning ahead of the reports tomorrow.
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