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Chicago Wheat Pauses After Its Four-Month High On US-China Sales

US Chicago wheat (Photo: country-guide)

Chicago wheat sales held steady on Thursday after its four-month high private sales to China, while soybeans rose slightly.

US Chicago wheat (Photo: modernfarmer)

Chicago Wheat In A Steady State After Its Four-Month High

SOURCE– Chicago wheat futures held steady after its third large Chinese purchase of Chicago wheat in three straight days, which pushed prices to a four-month high than previous sessions.

While Chicago wheat is in a steady state, soybeans rose slightly and corn went a little lower after both fell on Wednesday as forecasts for rain in Brazil, a major exporter, eased concerns about dry and hot conditions damaging the crops.

The most active Chicago wheat contract, Wv1, was 0.1% down at $6.33 a bushel by 0411 GMT after it reached its highest, which was $6.49-1/2 on Wednesday. The Chicago wheat contract is up about 12.5% since market opened on November 28.

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US Chicago Wheat Was The Most Competitive In The World, Says Director Ole Houe

According to Nasdaq, the confirmation by the US government about the private sales of 372,000 metric tons of Chicago wheat to China took total US sales this week to more than 1 million tons, which is the biggest one-week total to China since 2014.

The Director of IKON Commodities said that ten days ago, US Chicago wheat was the most competitive in the world. Now, it’s above EU and Black Sea prices.

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