The Kansas City Star, Mo., Commodities Column
Posted on: Wednesday, 7 December 2005, 00:00 CST
By Victoria Sizemore Long, The Kansas City Star, Mo.
Dec. 7--EXPORT TALK CAN'T STIR WHEAT: Kansas City wheat and Chicago wheat, corn and soybean futures prices closed lower Tuesday, partly in a setback from Monday's gains.
Kansas City Value Line stock-index futures advanced.
Wheat futures pushed lower partly in a technical setback after Monday's gains. Traders also were balancing accounts ahead of crop production and supply-and-demand reports due Friday from the U.S. Department of Agriculture.
The decline came despite positive export news. There was talk Tuesday that Iraq soon planned to buy 200,000 metric tons of U.S. hard red winter wheat. Traders said the purchase probably was part of the 1 million metric tons of wheat that Iraq already had agreed to buy.
Meanwhile, South Korea was in the market for 21,500 metric tons of U.S. wheat, and Japan was expected to be in the world market Thursday for 125,000 metric tons of wheat, with about 45,000 metric tons expected to come from the United States.
Meteorologists said light rain was expected the next few days in the Plains' hard red winter wheat region, although some concern lingered about dry conditions. There were reports that high wind and dry soil damaged some fields recently in Texas.
Corn futures were pressured by a technical setback from Monday's firm close. Traders said there was little fresh news to support the market and that prices probably would be range-bound.
In the meantime, attempts to rally were being limited or offset by overall abundant supplies of feed grains and the continued potential for a drop in demand because of the bird-flu situation.
Soybean futures also were pressured by a technical setback from Monday's gains. As with corn, mostly bearish fundamentals hovered over the soybean market. Overall supplies are abundant after farmers harvested a large crop this year, and there is concern about a drop in demand for soybean-related feed grains because of the spread of bird flu.
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Source: The Kansas City Star (Kansas City, Missouri)
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