We have updated our privacy policy and terms & conditions. Find out more here.

Wheat rallies more than 1% ahead of USDA crop progress report

CommoditiesMar 24, 2014 11:16AM GMT 2 Comments
Share with a Friend
Thanks for sharing
Emails have been sent to:
To send more emails click here
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.

Wheat rallies more than 1% ahead of USDA crop progress report

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

US Wheat
Are you sure you want to delete this chart?
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Sammy Smith
Sammy Smith Mar 25, 2014 03:20AM GMT
1 percent is not a rally. wheat use to be 5 dollars a bushel and oil was 15 dollars a barrel

Sammy Smith
Sammy Smith Mar 25, 2014 03:19AM GMT
1 percent is not a rally. wheat was 5 dollars a bhshel at one time and oil was 20 bucks a barrel
Are you sure you want to delete this chart?

Successfully Reported

Thank you. This comment has been flagged for a moderator.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.