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U.S. wheat futures trade near 3-month high on crop outlook

Published 11/17/2014, 06:25 AM
Updated 11/17/2014, 06:25 AM
Wheat futures hold near 3-month high on U.S. crop outlook

Investing.com - U.S. wheat futures traded near the previous session's three-month high on Monday, amid speculation freezing weather in the U.S. Midwest will damage crops and delay the pace of the harvest.

On the Chicago Mercantile Exchange, US wheat for December delivery traded at $5.5825 a bushel during U.S. morning hours, down 2.75 cents, or 0.49%.

Prices of the grain rose to $5.6440 a bushel on Friday, the most since September 2.

The December wheat contract surged 46.0 cents, or 8.2%, last week, the biggest weekly gain in two years, amid concern freezing temperatures in the U.S. Midwest could harm winter-wheat crop prospects.

The U.S. Department of Agriculture is scheduled to release its crop progress report later in the session.

Meanwhile, US corn for December delivery declined 2.52 cents, or 0.66%, to trade at $3.7988 a bushel.

Prices of the grain hit $3.8900 a bushel on November 13, the highest level since July 10, amid speculation frigid weather in key U.S. corn-growing states will delay the pace of the harvest.

Elsewhere on the CBOT, US soybeans for January delivery shed 3.27 cents, or 0.32%, to trade at $10.1913 a bushel. Futures fell to a session low of $10.1600 earlier, the weakest level since November 6.

Prices of the oilseed tumbled 31.0 cents, or 2.94%, on Friday to settle at $10.2240 a bushel.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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