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ND | Wheat
FUTURES: The ongoing strength in the Mpls wheat market eventually pulled the KC and Chicago markets higher, and when it became clear the Mpls March contract was not going to back off the limit-up bid people threw up their hands and bought every other contract as well. Late in the session the Mpls March was trading synthetically as much as 45 to 50 higher. There is going to be a full-fledged squeeze in the Mpls March contract with over 17,000 contracts open before today and basis levels incredibly high. Country elevators in the Dakotas and Montana continue to report there simply isn’t much spring wheat left in farmer’s bins. There was also talk (again) about the potential big wheat shortfall that Iraq will face. They just can’t seem to get their buying process moving and, as a consequence, drift farther behind while prices go skyward. Mpls wheat basis was another dime higher today. | |
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HRS again
