Soybeans recorded their seventh increase in 9 wheels in the Chicago Market and reached highs in almost 5 months. In turn, wheat futures flirted with 10-month highs.
Soybean Rally in Chicago: marks its seventh increase in 9 wheels and hits highs of almost 5 months
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Soybeans recorded their seventh increase in 9 wheels in the Chicago Market and reached highs in almost 5 months. Wheat futures, in turn, flirted with 10-month highs as concerns grew over deteriorating crop prospects in top exporter Russia.
Thus, the soy CBOT rose 0.8% to $457.91 a ton, the corn rose 0.7% to $181.59 ton, while the wheat fell 0.7% to $254.63.
Wide spread expected to boost demand for US corn for livestock feedanalysts said. The spread narrowed on Wednesday as corn futures rose and wheat fell.
“The wheat took the lead, without a doubt, and dragged the corn with it”said Jim Gerlach, president of A/C Trading.
In Ukraine, Crops were also affected by drought and frost. A state weather forecaster said The frost had not significantly damaged the cropsbut operators are cautious after consulting firm APK-Inform warned on Monday of performance losses.
In United States, The advance of corn and soybean planting, faster than expected, slowed market gains. Windows of dry weather, interspersed with rain in the Midwest, are expected to provide time for planting, analysts said. Rains slowed progress in some places.
“Planting delays are something the market is taking note of”said Advance Trading analyst Brian Basting.
Source: Ambito
