Loses extended after news that Egypt purchased Canadian wheat
KANSAS CITY: Hard red winter wheat futures at the Kansas City Board of Trade were lower in early moves on Friday, extending losses after news that Egypt bought Canadian wheat, traders said.
At 9:50 a.m. CDT, wheat futures were 2-8 cents lower, with the September wheat contract down 2-1/4 cents at $4.44-1/2 and the December down 2 cents at $4.59.
Traders said news that the latest Egyptian government wheat purchase of 60,000 tons went to Canada was weighing on prices.
Also bearish was beneficial rainfall in the Plains. According to the Meteorlogix weather forecasting service, rainfall through the Plains overnight should be followed by good chances for additional rainfall over the next 10 days.
Technical support Friday was pegged at $4.43 in the September contract, with resistance at $4.50-3/4.
Ahead of the opening bell, the relative strength index for September wheat stood at 28, just within the 30-and-below range indicative of an oversold market. Reuters
