July 7th, according to media reports, the Chicago Board of Trade (CBOT) soft red winter wheat futures market closed down on Thursday, of which the benchmark period closed down by about 2.40%, mainly due to the pressure of long liquidation.
After the wheat market surged 5.06% on Wednesday, a large number of profit-making liquidation and selling emerged in the intraday session on Thursday, which suppressed the fall of wheat prices. The September contract, however, remained within the trading range formed on Wednesday and found support at the 50-day moving average.
Volume in wheat futures was estimated at 93,220 lots Thursday, compared with 129,526 lots in the previous session. The volume of empty positions was 297,132 lots, compared with 297,933 lots in the previous trading day.