Wheat Rises on Dryness in Southern U.S., Rain in North
By Tony C. Dreibus -
2013-05-29T19:19:02Z
Wheat rose for the first time in
three sessions as hot, dry weather in the southern U.S. Great
Plains threatens the winter crop and rain in northern states
delays planting of spring varieties. Corn jumped. Soy fell.
Parts of Kansas, Colorado and Texas that are already dry will get little rain this week, DTN in Omaha, Nebraska, said in a report. Spring wheat was 79 percent planted as of May 26, below the five-year average of 86 percent, government data show. Four inches (10 centimeters) of rain are expected in areas of Minnesota and North Dakota in the next five days, Commodity Weather Group LLC in Bethesda, Maryland, said.
“It’s not surprising to see wheat rally” because of the weather, Jason Britt, the president of Central States Commodities Inc., a brokerage in Kansas City, Missouri, said in a telephone interview.
Wheat futures for July delivery rose 1.3 percent to settle at $7.0275 a bushel at 1:15 p.m. on the Chicago Board of Trade. The price dropped 1.4 percent in the previous two sessions. The grain has declined 9.7 percent this year as the U.S. Department of Agriculture forecast that world production will rise to a record in the 12 months that start June 1.
Corn futures for December delivery added 2.7 percent to $5.6575 a bushel in Chicago on speculation that delayed planting will curb U.S. production that’s expected to surge to a record in the year that starts on Sept. 1. The price has plunged 19 percent in 2013.
“The planting delays are real and have to be watched,” Britt said. “There’s some flooding and the crops don’t look so good.”
Soybean futures for July delivery fell 0.5 percent to $15.0175 a bushel on the CBOT. The oilseed has gained 6.5 percent this year. Today, the USDA reported the cancellation of 147,000 metric tons of export sales to China.
In the U.S., corn is the biggest crop, followed by soybeans, hay and wheat, USDA data show.
To contact the reporter on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net
source: www.bloomberg.com/news
Parts of Kansas, Colorado and Texas that are already dry will get little rain this week, DTN in Omaha, Nebraska, said in a report. Spring wheat was 79 percent planted as of May 26, below the five-year average of 86 percent, government data show. Four inches (10 centimeters) of rain are expected in areas of Minnesota and North Dakota in the next five days, Commodity Weather Group LLC in Bethesda, Maryland, said.
“It’s not surprising to see wheat rally” because of the weather, Jason Britt, the president of Central States Commodities Inc., a brokerage in Kansas City, Missouri, said in a telephone interview.
Wheat futures for July delivery rose 1.3 percent to settle at $7.0275 a bushel at 1:15 p.m. on the Chicago Board of Trade. The price dropped 1.4 percent in the previous two sessions. The grain has declined 9.7 percent this year as the U.S. Department of Agriculture forecast that world production will rise to a record in the 12 months that start June 1.
Corn futures for December delivery added 2.7 percent to $5.6575 a bushel in Chicago on speculation that delayed planting will curb U.S. production that’s expected to surge to a record in the year that starts on Sept. 1. The price has plunged 19 percent in 2013.
“The planting delays are real and have to be watched,” Britt said. “There’s some flooding and the crops don’t look so good.”
Soybean futures for July delivery fell 0.5 percent to $15.0175 a bushel on the CBOT. The oilseed has gained 6.5 percent this year. Today, the USDA reported the cancellation of 147,000 metric tons of export sales to China.
In the U.S., corn is the biggest crop, followed by soybeans, hay and wheat, USDA data show.
To contact the reporter on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net
source: www.bloomberg.com/news
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