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Wheat market cautious approaching weekend – June 15, 2012 - INTL FCStone Blog
International Assets Holding Corporation > INTL FCStone Blog > Posts > Wheat market cautious approaching weekend – June 15, 2012
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Wheat market cautious approaching weekend – June 15, 20126/15/2012 8:22 AM

WHEAT: STEADY TO LOWER
Wheat is trading even to a penny lower this morning; Paris wheat is down the equivalent to 5 cents, USD is lower, and crude is higher. The wheat market appears to be cautious as we approach the weekend with pending Greek elections. The talk is Central Banks around the world will step up and keep markets supported as the debt crisis plays itself out. Last night the CNGOIC lowered China’s 2012 wheat estimate 2.3 MMT, down to 118 MMT. This adds to a week full of bullish reports from around the world. However, look for Informa’s new crop acres estimate to be neutral to bearish and the continuation of wheat following corn’s lead. The corn market is going to be focused on mixed weather reports across the Midwest heading into next week. Wheat is continuing to forge a bottom, falling in line with the historical price pattern at harvest.

Kyle Smith, Mike O'Dea, Ben Parks, Collin Hulse, Ingrid Gronlund