Wet weather supports KC wheat futures

Wet weather in the forecast for corn and soybean harvest areas in the next 2 to 3 days supported grain futures this morning, with Kansas City wheat following CBOT corn and soybean futures higher, according to traders. 

Coming into this morning, wheat felt support from an Iraq purchase of 100,000 metric tonnes of U.S. wheat, traders said. 

USDA weekly wheat export sales reports were estimated at 347,700 metric tonnes, within previous estimates of 400,000 to 600,000 metric tonnes. 

The forecast should dry out in the next four to eleven days, traders said, allowing harvest and winter wheat planting to resume. 

The U.S. Dollar was down hard overnight and going into this morning, also bringing support to Kansas City wheat prices.

KC Dec wheat was 8 cents higher at $5.10 1/4 at midday.

CASH GRAIN: The cash market is quiet with no cars trading.  The basis feels steady in Kansas City, traders said.