Liquidation in KC Wheat Futures
Apr 14, 2011
Kansas City wheat futures traded lower this morning, under pressure from a better chance for rain next week in HRW wheat areas and a storm system moving through the northern tier of Kansas this morning, according to traders.
The continued lower trade prompted liquidation of the long Chicago, short Kansas City wheat spread, traders said.
Poor technical signals also culminated in a weaker morning session.
USDA weekly wheat export sales were within previous expectations, estimated at 443,000 metric tonnes of old crop and 102,000 metric tonnes of new crop wheat.
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