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Mid-Session Wheat Market Report for 7/25/2008

December wheat opened 3/4 cent lower at 810 1/2 and established an early range of 805 to 822 1/4. The lower open attracted buying from locals and commission houses according to floor traders who also noted a continued lack of selling by funds. Volume was said to be moderate with some activity reported again in the wheat/corn spread. Chicago gained on KC and Minneapolis in the December contracts in the early going. Australia is expected to see more good rains in their western wheat belt over the next week which is considered beneficial. In contrast, Argentine wheat areas remain dry, with no rain of significance expected there over the next several days. In the US, the western spring wheat areas remain dry and hot with some scattered rain forecast next week. Basis levels for wheat are mostly steady to weak with buyers reporting ample supplies on hand due to harvest progress.




 
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