US wheat futures rallied nearly 3 percent on Thursday, more than recouping the previous session's decline, as concern grew about dry weather in the US Southern Plains crop region. Corn futures surged 2.5 percent on renewed rumours that China purchased corn from the United States, traders said.
Futures surged 11 percent last Thursday and Friday, when the rumours first emerged. No sale has been confirmed. "Wheat is the leader today and it's all because of weather, the dryness in the Plains. We need the wheat and it now looks like production will be down," said Jack Scoville, an analyst for The Price Futures Group.
Traders and analysts cited mounting concern about crops in the US Plains hard red winter wheat region due to dryness, along with worries that excessive wet weather could hurt the spring wheat crop in the Northern Plains.
At 11:26 am CDT (1626 GMT), CBOT May wheat was up 23 cents at $7.37-1/4 per bushel, May corn was up 9-1/4 at $6.90-1/4 and May soybeans were down 1 at $13.50-1/4 per bushel. At 11:28 am CDT (1628 GMT), KCBT May was up 23 cents at $8.53 per bushel and MGEX May was up 26 cents at $8.85.
Comments
Comments are closed for this article.