US: Speculative Motives Overcome Bullish Fundamental Factors

The American wheat market, after a rapid 2-day growth, which brought it to the record high for the last eighteen month, has locked in profits, the agn. Grain On-Line has reported.

The agency named such bullish factors as global wheat supply situation, expected Russia's export quotas, threat of stopping the nearest export in France, and drop in wheat production in Australia. All these could not change the traders’ decision to sell. Speculative motives this time turned out to be stronger.

March US wheat quotes fell:

• SRW soft wheat in Chicago at $ 1.38 to $ 212.28 / ton
• HRW durum wheat in Kansas City at $ 2.76 to $ 180.96 / ton
• HRS durum wheat in Minneapolis at $ 2.48 to $ 204.11 / ton