Kansas City wheat futures traded lower today, continuing some profit taking that began in yesterday's session and feeling pressure from lower-than-anticipated wheat export sales, according to traders.
The USDA estimated wheat exports at 438,500 metric tonnes, including 431,400 metric tonnes of old crop and 7,100 metric tonnes of new crop wheat. Previous estimates ranged from 450,000 to 650,000 metric tonnes.
In other export business, Iraq is tendering for 100,000 metric tonnes of wheat, Turkey is in for 300,000 metric tonnes, and Bangladesh is tendering for 50,000 metric tonnes of wheat, traders said.
Jobless claims released this morning were the lowest since July of 2008, traders added.
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