Wheat rallies more than 1% ahead of USDA crop progress report
Investing.com
Published Mar 24, 2014 07:16AM ET
Wheat rises sharply ahead of USDA crop progress report
Investing.com - U.S. wheat futures rallied sharply on Monday, as investors looked ahead to the U.S. Department of Agriculture’s weekly update on U.S. planting progress to gauge crop prospects.
On the Chicago Mercantile Exchange, wheat for May delivery rose to a session high of $7.1600 a bushel, before trimming gains to last trade at $7.0213 a bushel during U.S. morning hours, up 1.29%, or 8.9 cents.
The May wheat contract fell 1.49%, or 10.4 cents, on Friday to settle at $6.9320 a bushel.
Wheat has been well-supported in recent weeks amid mounting concerns over the health of the U.S. winter-wheat crop.
Prices of the grain surged to an 11-month peak of $7.2340 a bushel on March 20. Futures have risen nearly 14% in March.
According to the USDA, approximately 34% of the Kansas wheat crop was rated in good to excellent condition as of last week, down from 37% a week earlier. Kansas is the largest wheat producing state in the U.S.
Elsewhere on the CBOT, soybeans futures for May delivery fell to a daily low of $13.9320 a bushel earlier, the weakest level since March 18, before erasing losses to trade at $14.2088 a bushel, up 0.9%, or 12.7 cents.
The May soybean contract lost 1.74%, or 25.0 cents, on Friday to settle at $14.0860 a bushel.
Soybeans prices rose 1.43%, or 20.2 cents, last week amid indications of strong export and crushing demand for U.S. supplies.
Meanwhile, corn futures for May delivery slumped to $4.7600 a bushel earlier in the session, the lowest since March 11, before turning higher to trade at $4.8463 a bushel, up 1.05%, or 5.0 cents.
The May corn contract picked up 0.1%, or 0.4 cents, on Friday to settle at $4.7900 a bushel.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.