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Market Comments 01/20/05 4:12:37 PM
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Country selling yesterday and the inverse in Mpls future pushed basis lower in derferred month today. Eygpt has been snooping around the market to buy wheat but look for them to buy wheat from someone else on price. Futures were lower today amid news that the E.U. will begin to issue refunds for wheat exports. this applied pressure on Chicago which in turn spilled over to the Mpls market. the E.U.'s cereals management committee agreed Thrusday to open a ten export refunds for two million tons of wheat beginning with on Feb. 3. Trade feel this was a psychological hit to the market because they haven't had to issue restition for about a year and half. |
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