Food Industry
Industry: Email Alert RSS FeedWheat Watch: Profit-Taking To Weigh On CBOT Wheat.
Resource News International, May, 2004
Winnipeg, MB, May 05, 2004 (Resource News International via COMTEX)
Chicago Board of Trade wheat futures are called 1 to 2 US cents per bushel lower at Wednesday's open. Profit-taking is expected to weigh on the market after Tuesday's rally. However, forecasts for hot, dry weather in the US wheat growing regions should underpin the market.
The US wheat harvest is underway in southern Texas and local grain merchants are reporting higher than normal yields and good quality. The harvest will slowly move it's way north over the summer, reaching the northern Plains by August.
Australia is forecast to produce 23.5 million metric tons of wheat in 2004/05, according to the USDA's Foreign Agricultural Service (FAS). The estimate is unchanged from...
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