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

By Investing.com  |  Commodities  |  Mar 24, 2014 11:16AM GMT  |   2 Comments
 
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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.

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

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.

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Comments
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
 
 
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