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.
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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.