NEW YORK— Wheat prices are surging this week as temperatures plunge in the U.S. The price of wheat for December delivery climbed 11 cents, or 2 percent, to $5.54 on Thursday, taking its gains for the week to 7.6 percent. The week's cold snap in wheat-growing states, such as North Dakota, Kansas and Nebraska, also pushed prices higher, as traders speculated that the...» Read More
*Wheat ticks up from four-year lows. "The weather continues to be excellent for crop development," Sterling Smith, futures specialist at Citigroup, said in a note to clients. At 11:24 a.m. CDT, Chicago Board of Trade September corn futures were down 1/ 4 cent at $3.78 a bushel.
Corn and wheat have fallen more than 5 percent this week, while soybeans have lost nearly 4 percent amid market expectations that the U.S. Department of Agriculture will raise its estimates for production and stockpiles.
The Futures Now team discusses concerns about food inflation, and whether the slide in corn and wheat is good news.
*Soybeans firm on bargain buying, exports. *Corn following wheat higher after hitting four-month low. Wheat futures rose on support from short-covering as well as disappointing harvest yields in key hard red winter wheat-growing areas of the U.S.
*Soybeans firm on bargain buying, exports. *Corn following wheat higher after hitting four-month low. Corn followed wheat higher, with short-covering also noted after the front-month contract dropped to a four-month low on Tuesday.
*Soybeans drop below $14, fund selling noted. CHICAGO, June 17- U.S. soybean futures fell 1.6 percent at the Chicago Board of Trade on Tuesday, dropping below $14 a bushel for the first time since March 24, on the easing of pressure on the U.S. balance sheet, traders said.
*Wheat hits lowest since late Feb after firm start. *USDA crop ratings expected to be bearish for corn, soybeans. CHICAGO, June 16- Chicago Board of Trade corn futures dropped 1.3 percent on Monday on expectations of a robust U.S. harvest this fall due to good crop weather across the U.S.
*Wheat up after heavy losses in past 5 weeks. PARIS/ SINGAPORE, June 16- Chicago wheat rose more than 1 percent on Monday in a second day of gain on bargain buying after falling for the last five weeks, while soybeans recovered from last week's 2-1/ 2- month low, underpinned by tight old-crop supplies in the United States.
*Soybeans fall despite USDA cutting 2013/ 14 U.S. stocks. USDA also raised its estimate of global 2014/ 15 wheat production, more than offsetting a cut in the U.S. wheat harvest. USDA lowered its estimate of U.S. 2014 winter wheat output to 1.381 billion bushels, from 1.403 billion in May, reflecting losses in the drought-hit U.S.
*Corn also pressured by China halting import permits for U.S. *Wheat sags as Northern Hemisphere harvest nears. At the Chicago Board of Trade as of 11:55 a.m. CDT, July corn was down 10 cents at $4.49 per bushel after hitting $4.45-1/ 2, the lowest spot price since Feb. 24.
*Corn, wheat facing 4th straight weekly drop. *Wheat market watching U.S. harvest, heat in Russia. PARIS/ SINGAPORE, June 6- Chicago corn and wheat futures edged higher on Friday, finding support after favourable crop weather drove prices to three-month lows earlier in the session.
Poor rains in India, where farmers depend on the annual June-September monsoon to irrigate nearly half their land, typically stoke inflation- a key worry for Prime Minister Narendra Modi's newly formed government. India has sold a total of about 11.5-12 million tonnes of wheat overseas in the past two years, dragging on global prices.
FAO WORLD WHEAT OUTPUT FORECAST IS NEARLY 703 MLN TONNES IN 2014, 12.6 MLN TONNES BELOW 2013 RECORD HARVEST.
Decatur, Illinois, rolled its spot bid to 95 cents over August futures on Tuesday. *Old-crop FOB Gulf soybean basis offers fell 5 cents, with June at 90 cents over and July at 85 cents over July futures. *CBOT July soybeans ended 19-1/ 4 cents lower at $14.81-1/ 4 a bushel while November soy closed 8 down at $12.21-3/ 4.
*Soybeans top $15 on bull spreading, strong export demand. *Corn follows soy higher but U.S. weather weighs. *Wheat drops to lowest since March 3.
*Bumper wheat harvests in Ukraine, Russia push down prices. Blessed with near-record output, exporters in Russia and Ukraine are offering the cheapest wheat from the Black Sea region, tempting Asian buyers to switch from the Australian and U.S. grain that has traditionally dominated their supplies.
*Wheat heading for largest monthly decline since Sept 2011. Wheat futures have fallen sharply from the more than 10- month high they notched early this month amid a deep drought in the southern U.S. Wheat on a continuous chart was on track to shed about 11.5 percent this month for the worst such performance since September 2011.
Abah Ofon, Director of Agricultural Commodities Research at Standard Chartered, says tensions about Ukraine have added a supply premium to the wheat market.
The Ukraine conflict has sent commodities markets into a tizzy, with Russia's invasion of the Ukrainian peninsula Crimea pushing up wheat and corn.
In two weeks, Girl Scouts will descend upon supermarkets and businesses to peddle boxes of cookies, tempting people with a new gluten-free cookie.