Wheat futures are trading a penny lower to 3 cents higher at midday, with the Minneapolis contract showing the most strength. Earlier this morning, the Chicago Dec ’13 contract had traded as low as 6.60 but has since shrugged off earlier losses and is up a penny. In export news, Tunisia is said to be tendering for 84 TMT of soft milling wheat for Sept-Nov shipment. The weekly crop progress report released after the close yesterday revealed the spring wheat harvest is 42% complete, compared to the 5 year average of 54%. South Dakota is currently 75% harvested, which is well below the 5 year average of 91%. North Dakota is currently 28% harvested, which is also below the 5 year average of 53%. The Chicago Wheat Dec ‘13/Corn Dec ’13 spread is up 7 cents at $1.7300.
Posted on: Tue, 27 Aug 2013 18:17:50 +0000
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