Kansas City wheat futures attempted to continue yesterday's move higher this morning but fell under some pressure from Chicago corn futures, according to traders.
Warm and dry weather is in the forecast for the corn belt next week, leading to favorable planting conditions for row crops, traders added. Corn and soybean futures continued to find underlying support today from Chinese interest in buying U.S. corn and soybeans.
Macro markets attempted to give wheat futures a boost early but the market rolled lower. The National Australia Bank is estimating the Australian wheat crop at a large number of 26.1 million metric tonnes, traders added.
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