Weather Improves for French Wheat Areas
Jun 03, 2011
Kansas City wheat futures traded both sides of unchanged today, starting higher but moving lower early on improving weather for French wheat areas, according to traders.
USDA wheat export sales were mediocre today, traders added, estimated at 29.6 million metric tonnes of old crop and 338.4 million metric tonnes of new crop wheat.
Economic news for the U.S. this morning was worse than expected, traders said, with job growth decreasing and the unemployment rate raised from 8.9% to 9.15. The news placed commodity markets under pressure, traders added.
Trading was relatively quiet this morning, with spread trades most active and rolling into outer months.
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