Wheat tumbles on improved weather - Grain and Soy Review

US wheat futures tumbled Wednesday on a combination of investors reducing risk exposure in the market and weather conditions that should ease stress to crops in the US and Europe. Wheat for July delivery ended down 35 cents, or 4.1 percent, at US$8.12 (UK£4.875) a bushel at Chicago Board Of Trade. At the Kansas City Board of Trade, hard red winter wheat for July delivery lost 3.9 percent to US$9.23 (UK£5.542)  a bushel. Hard red spring wheat for July delivery closed down 2.8 percent at US$9.54 (UK£5.728) 1/4 a bushel at the MGEX in Minneapolis.

Broad based selling was consistent across the grain complex at CBOT, reflective of investors reducing risk in the absence of a fundamental change in the market, said Shawn McCambridge, grains analyst with Prudential Bache in Chicago. Traders reduced risk after recent gains, worried Federal Reserve's rate decision and Fed Chairman Ben Bernanke's history making news conference might sway the US dollar or other markets that influence commodities, McCambridge said. Read more ...

This blog is written by Martin Little The Global Miller, published and supported by the GFMT Magazine and International Milling Directory from Perendale Publishers