Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Grain futures - weekly outlook: April 6 - 10

Published 04/05/2015, 08:40 AM
© Reuters.  U.S. wheat futures rally 5% last week on crop concerns
ZS
-
ZW
-
ZC
-

Investing.com - U.S. wheat futures rose to a six-week peak on Thursday, as a lack of rainfall in the U.S. grain belt fuelled concerns over the health of the winter-wheat crop.

Commodity markets remained closed on Friday for Good Friday.

Ahead of Friday’s holiday, US wheat for May delivery jumped 7.6 cents, or 1.47%, to settle at $5.3620 a bushel on Thursday. Futures hit an intraday high of $5.4420, the most since February 17.

For the week, the May wheat contract rallied 21.76 cents, or 5.15%, as concerns over the health of the winter-wheat crop supported prices.

Meanwhile, US corn for May delivery tacked on 4.6 cents, or 1.24%, on Thursday to close at $3.8640 a bushel.

Despite Thursday's gains, the May corn contract lost 4.5 cents, or 1.21%, after the USDA raised its outlook for domestic supplies and spring plantings.

The USDA said on Tuesday that U.S. corn inventories on March 1 totaled 7.745 billion bushels, 11% higher than last year.

The agency also projected U.S. farmers would plant 89.199 million acres with corn in 2015, surpassing forecasts for 88.735 million but down from 90.597 million in 2014.

Elsewhere on the Chicago Board of Trade, US soybeans for May delivery shed 3.6 cents, or 0.38%, to end at $9.8600 a bushel.

On the week, the May soybean contract picked up 17.87 cents, or 1.78%, halting four straight weeks of losses.

The USDA said that domestic soybean stocks at the start of March totaled 1.334 billion bushels, 34% higher than last year.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

According to the agency, growers in the U.S. will sow 84.635 million acres of soybeans this year, up 1.1% from a year earlier.

In the week ahead, market players will focus on the release of key USDA data, including crop progress and weekly export sales figures.

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

Latest comments

Risk Disclosure: 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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.