Decent Rains in Kansas Overnight
Nov 12, 2010
Kansas City wheat futures traded lower this morning, influenced by outside markets and rains in HRW wheat areas of Kansas overnight, according to traders.
Conditions have been dry, and areas in Western Kansas received decent amounts of rainfall, traders said. Some areas of far Western Kansas were shorted in rainfall amounts, traders added.
The wheat market was lower overnight due to reports of China raising interest rates, and some long liquidation ensued in this morning's session.
In export news, Iraq purchased 100,000 metric tonnes of U.S. wheat, 100,000 metric tonnes of Australian wheat, and 50,000 metric tonnes of Ukranian wheat. USDA weekly wheat export sales were estimated at 832,000 metric tonnes, delayed due to yesterday's Veteran's Day Holiday.