KC WHEAT RALLIES ON AUSTRALIAN WEATHER CONCERNS
More rain is in the forecast for Australian wheat harvest areas, creating more concerns regarding world wheat quality issues, according to traders. Additional precipitation has been added into the forecast for the next two weeks, according to sources, surmounting problems already seen with this year's harvest, traders said. In addition, there is very little rain in the forecast for Western Kansas, leading to concerns regarding next year's winter wheat crop. Lower trade in the U.S. Dollar brought support to wheat futures, and China's purchasing index is indicating better growth thus boosting commodities today, traders said.
KC Dec wheat was 42 1/2 cents higher at $7.72 1/2 at midday.
Dec. wheat finished the day 51 cents higher
Harvesting gloom continues in Aust
