CHICAGO: US wheat futures surged to their highest prices in nearly six years on Friday as dry weather in key growing regions around the world fuelled supply concerns.
Corn futures ended lower, after touching a 14-month high on prospects for hefty sales to China, and soyabeans also slumped. Traders are keeping a close eye on wheat fields as dryness threatens production in Argentina, the US Plains and the Black Sea region.
The most-active December wheat futures contract finished 7 cents higher at $6.25-1/4 a bushel at the CBOT. The contract earlier reached $6.30-3/4, its highest since December 2014. The December contract is trading at a premium to the March 2021 contract, which ended up 4 cents at 6.23-1/2 a bushel. Corn futures closed down 1-3/4 cents at $4.02 per bushel, after reaching $4.09, its highest since August 2019. Soyabean futures fell 12-1/4 cents to $10.50 a bushel, after rising last week to its highest price since March 2018.