Grain futures - Weekly outlook: June 24 - 28
Investing.com
Published Jun 23, 2013 08:24AM ET
On the Chicago Mercantile Exchange, wheat for July delivery rose 0.65% on Friday to settle the week at USD7.0500 a bushel. On the week, CBOT wheat futures rose 3.4%, the biggest weekly gain in nearly two months.
Wheat futures rose to a two-week high of USD7.1062 a bushel on Wednesday amid ongoing concerns over planting and harvesting delays in the U.S. Midwest.
The U.S. Department of Agriculture said that approximately 11% of the U.S. winter wheat crop was harvested as of last week, compared to the five-year average of 25% for this time of year and below the 51% recorded in the same week a year earlier.
Elsewhere on the Chicago Board of Trade, corn futures for December delivery fell 0.35% on Friday to settle the week at USD5.9200 a bushel.
Corn prices rose to a three-month high of USD6.8337 a bushel on Wednesday amid lingering concerns over U.S. and global supplies of the grain.
According to the U.S. Department of Agriculture, 92% of the U.S. corn crop was collected as of last week, below the five-year average of 97% for this time of year. 100% of the corn crop was collected during the same week a year earlier.
Meanwhile, soybeans for November delivery eased down 0.4% Friday to settle the week at USD14.1380 a bushel by close of trade.
Soybean prices have been well-supported in recent sessions amid ongoing concerns over U.S. planting prospects. Front-month prices hit a seven-month high of USD15.5850 a bushel on June 12.
The USDA said that nearly 85% of the U.S. soy crop was planted as of last week. Nearly 98% of the U.S. soy crop was planted in the same week a year earlier while the five-year average for this time of year is 91%.
The report also showed that 66% of the U.S. soybean crop emerged as of last week, compared to the five-year average of 80% for this time of year and below the 94% recorded in the same week a year earlier.
In the week ahead, corn and soybean traders will continue to pay close attention to weather forecasts for grain-growing regions in the U.S. Midwest, while wheat traders will monitor temperatures in the Great Plains-region.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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Written By: Investing.com
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