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US wheat falls for a 3rd day, pressured by corn futures

US wheat falls for a 3rd day, pressured by corn futuresCHICAGO: Chicago Board of Trade wheat futures slumped for a third straight day on Wednesday, following both corn and soybean futures, as worries about growing trade tensions between the US and China hung over markets.

CBOT September soft red winter wheat ended the day down 20-1/4 cents at $4.71-3/4 per bushel.

K.C. September hard red winter wheat ended down 20-3/4 cents at $4.74 a bushel.

MGEX September spring wheat fell 12 cents, closing at $5.25-1/2 a bushel.

Traders said US wheat exports remained sluggish and prices were still not competitive with Russia, “but we’re moving in that direction, to be more competitive.”

European wheat futures extended their fall, too, in step with Chicago as European traders continued to assess weather damage to crops across the region. But weather-related crop losses in Europe were seen as priced in for now.

Trade estimates for wheat exports: 200,000 to 500,000 metric tonnes for the 2018-2019 crop marketing year.

Copyright Reuters, 2018

Source: Brecorder

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