Spring Wheat Concerns Support KC Wheat
Jul 28, 2011
Concerns regarding the conditions of the U.S. spring wheat crop brought support to Kansas City wheat futures this morning.
Reports of below-average yields are coming out of the Wheat Quality Council Spring wheat tour which is underway in the Northern Plains, traders said.
Participants are anticipating yields to come in under previous estimates by the North Dakota Ag Statistics Service.
While some rain is in the forecast for corn and soybean areas, southern areas of the Midwest continue to experience drought conditions.
KC wheat shrugged off a stronger U.S. Dollar this morning and more export sales out of Russia, traders said.
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