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Thursday, June 18, 2009 3:26 PM

KC wheat breaks lower, finds support Thursday

From the Kansas City Board of Trade

Kansas City wheat futures traded lower this morning, breaking to new lows not seen since May, but bounced off of morning lows by midday, according to traders.  Hot, dry weather in the HRW wheat belt is allowing the Kansas wheat harvest to progress, traders said.  In other weather news, Western Australia is seeing improving weather conditions in wheat areas, as well as the Canadian Prairies, traders added.

USDA weekly wheat export sales were estimated at 268,000 metric tones of old crop wheat.  Previous estimates ranged from 200,000 to 400,000 metric tones.

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