Wheat rebounds, corn falls
Chicago Board of Trade wheat futures rose on Friday due to short-covering and concerns about weather conditions in key wheat-growing regions globally. Wheat futures ended up 7-1/2 cents at $5.42-3/4 a bushel. Corn futures closed slightly lower, down 1/4 cent at $4.04-3/4 a bushel, while soybeans fell 7 cents to $10.36 a bushel, both remaining above four-year lows set earlier in the week. Adverse weather in the US Northern Plains, Canadian Prairies, and Russian wheat belt contributed to the rise in wheat prices.
CHICAGO- Chicago Board of Trade wheat futures climbed on Friday on short-covering and concerns over weather in wheat-growing areas of the US Plains and globally.
Corn futures ended modestly lower and soybean futures fell, pressured by favorable crop weather in the US Midwest that supported expectations of plentiful harvests. But both markets stayed above four-year lows set this week.
On the CBOT, most-active wheat futures ended up 7-1/2 cents at $5.42-3/4 a bushel. CBOT corn closed 1/4 cent lower at $4.04-3/4 a bushel and benchmark soybeans ended down 7 cents at $10.36 a bushel.
Global wheat export business increased this week after CBOT wheat futures fell to a four-month low and approached a four-year low.
“We’re really seeing what happens when you take prices down to multi-year lows and get a little bit of an oversold condition,” said Arlan Suderman, chief commodities economist at StoneX. “Producers quit selling and you start seeing value at this price.”
Suderman said wheat led the way up on Friday due to concerns about hot, dry weather in the US Northern Plains and spring wheat belt, as well as the Canadian Prairies and the Russian spring wheat belt.
Source Link : https://malaya.com.ph/news_business/wheat-rebounds-corn-falls-2/
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