Wheat futures quotes sit at $6

Wheat futures quotes sit at $6.22, buoyed by speculative capital inflow. Seasonal weather models hint at mild conditions, which could temper supply constraints later this quarter. Futures curve shows mild contango. The comment brought back echoes of a previous leadership race, where Andrea Leadsom was forced to apologise in 2016 after appearing to suggest that being a mother made her a better candidate for prime minister than Theresa May. Wheat is starting the new week 3 to 4 cents lower by midday across the three exchange traded contracts in the US. An early attempt to move higher failed to take out Friday’s highs and the longs bailed. The wheat market was in rally mode on Friday. CBT prices were 12 to 13 cents higher across most nearbys, with September up 1 1/4 cents. KC contracts were 11 to 12 cents in the green, as Sep was up 4 ¾. Current wheat futures quotes of $6.17 reflect increased selling pressure from profit-takers. Analysts note that a temporary oversupply in the Gulf trade routes is weighing on sentiment.