DJ MARKET TALK: US Wheat Remains Weak On Corn Drop, Acreage

Tue. June 30, 2009; Posted: 01:31 PM

Jun 30, 2009 (Dow Jones Commodities News via Comtex) -- MJP | Quote | Chart | News | PowerRating -- 1331 EDT [Dow Jones] - U.S. wheat futures are weaker on pressure form limit-down CBOT corn but off earlier lows. Corn is down the daily 30-cent limit as the USDA's June acreage report pegs plantings above trade estimates. Plantings for all-wheat acreage also topped expectations, which is bearish, traders say. "The upward revision to acreage will lead to yet another increase in wheat ending inventories and will leave wheat prices at the mercy of the corn pits," Morgan Stanley analyst Hussein Allidina says in a note. Commodity funds sold an estimated 3,000 contracts at the CBOT. CBOT Sep wheat trimmed losses after hitting an open outcry session low of $5.25 a bushel, its lowest price since Dec. 5. One Kansas-based broker says clients liquidated shorts after the sharp fall at the opening. CBOT Sep wheat is down 16 1/4 cents at $5.41 1/2, KCBT Sep wheat is down 13 1/2 cents at $5.78 1/2, and MGE Sep wheat is down 18 1/2 cents at $6.38. (TGP)

(END) Dow Jones Newswires

06-30-09 1331ET

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