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Wheat Futures Down Monday A.M.

Wheat futures declined in early trading as ample moisture has improved prospects for winter crops in the southern Plains.

As much as six times the normal amount of rain has fallen in the past month in much of western Kansas and the Oklahoma and Texas panhandles. A storm moving into the High Plains out of the Rockies today may bring snowfall, which will provide a blanket for recently emerged plants.

Slack demand also may be putting a lid on prices. Exporters in the week that ended on Oct. 5 sold 226,670 metric tons of wheat to overseas buyers, down 38% from the prior four-week average.

“We got some moisture on the wheat out this way, which I think will get us into dormancy,” said Larry Glenn, a grain analyst at Frontier Ag in Quinter, Kansas. “We’re going from supply information to demand information, and that’s not looking too good for the wheat market.”

Chicago wheat futures for December delivery on the Chicago Board of Trade fell 3 ¼ cents to $4.92 ½ a bushel. Kansas city wheat futures were unchanged at $4.65 ½ in early trading.

Corn and soybeans were little changed in overnight trading.

December corn gained ¾ cent to $3.59 a bushel on the CBOT. Soybeans for January delivery fell 1 ¾ cents to $8.53 ½ a bushel. December soymeal fell 20 cents to $288.60 a bushel, and soyoil dropped 0.27 cent to 26.77 cents a pound in Chicago.

In the outside markets, brent crude futures fell 0.5% to $44.24 a barrel while WTI crude gained 0.2% to $40.83 a barrel. Natural gas is up almost 1% in early trading. The Dow Jones Industrial average gained 0.1%. 

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