KC Wheat Higher with Equity Bounce
Aug 09, 2011
Kansas City wheat futures bounced higher today, following U.S. equity markets that are attempting recovering today from yesterday's sharp selloff.
Selling has evaded the marketplace today and financial traders are looking ahead to a statement from the Federal Reserve Bank later this afternoon, according to reports. In news for wheat, Egypt purchased 1 cargo of Russian wheat, traders said.
USDA crop progress reports yesterday are estimating spring wheat conditions at 66% good-to-excellent, down from a previous 70% rating, traders said. KC wheat continues to see some intra-market rolling of positions out of September futures.
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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