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Markets

CBOT wheat rallies on spillover support from surging corn market

  • K.C. July hard red winter wheat jumped 10-3/4 cents to $6.99-1/4, while MGEX July spring wheat ended up 9-1/2 cents at $7.68-1/4 per bushel.
05 May 2021

CHICAGO: Chicago Board of Trade wheat futures jumped on Tuesday on spillover support from a surge to eight-year highs in the neighboring corn market, traders said.

  • CBOT July soft red winter wheat ended up 8-3/4 cents at $7.26-3/4 per bushel.

    • K.C. July hard red winter wheat jumped 10-3/4 cents to $6.99-1/4, while MGEX July spring wheat ended up 9-1/2 cents at $7.68-1/4 per bushel.

    • Euronext wheat also rose, as the wheat markets recouped losses from Monday as deteriorating corn harvest prospects in Brazil drove CBOT corn futures higher.

    • Bunge Ltd Chief Executive Greg Heckman said increased wheat feeding to livestock in China is temporary, as Asian feed manufacturers are switching to wheat from corn in some animal rations.