Wheat futures at the Chicago Board of Trade were higher early on Friday on a mild rebound or technical bounce after the roughly 5 to 6 cent decline on Thursday, traders said. Weather concerns also were supportive for wheat with persistent dry weather in parts of the US and eastern Australian wheat areas cited. At 11:12 am CDT (1612 GMT), CBOT wheat was up 3-1/4 to 4-1/4 cents per bushel. July was up 3-1/2 at $3.13 per bushel. Cargill Investor Services bought 200 July, traders said. The wheat market was expected to remain choppy, and at times volatile because of the weather worries.
Meteorlogix weather service said hot and dry weather Friday and Saturday would continue to stress the hard red winter wheat crop in the US Great Plains. There is a chance for a few thundershowers and it won't be quite as hot on Sunday and there is a chance for a few showers at mid-week.
Meteorlogix also said dry weather continued to stress the wheat crop in eastern Australia, but favourable crop weather continues in western Australia.
Comments
Comments are closed.