Kansas City wheat futures easily found strength today on news that Iraq purchased wheat over the weekend, according to traders. Iraq purchased 350,000 metric tonnes of wheat, including 200,000 metric tonnes of U.S., and 150,000 metric tonnes of Australian wheat, traders said.
Continued concerns about drought in China also fueled the market along with possible winterkill in the Western Plains of the U.S. Winterkill concerns are lingering from last week, with some reports of brown plants in Oklahoma, traders said.
KC March wheat was 12 1/4 cents higher at $9.85 1/4 at midday.
CASH GRAIN: The basis is steady to firm, with strength in 11.6 and 11.8 protein levels, traders said.
The KCBT, founded in 1856, is Kansas City's oldest business and the world's largest futures market for hard red winter wheat. Daily quotes, market commentary, historical data and charting services are available on our website at www.kcbt.com.
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