Wheat found support as conditions for winter wheat crops in the US Plains remained uncertainimproving slightly in Kansas, the top producing state, during January, but falling sharply in Oklahoma, the US Department of Agriculture (USDA) said Monday.
Kristi Van Ahn-Kjeseth, chief operating officer at consultancy Van Ahn and Company Inc, said “wheat is at the lower end of the range. It was hit hard,” she added, clarifying: “We had a bounce from the bottom, and we’re trying to extend it.”
On Monday, soybean and corn contracts hit their highest level in nearly two weeks, while wheat hit a nearly four-week high.
The delayed soybean harvest in Brazil could expand the US export market, which normally shifts to South America as shipments of the new crop become available. Traders were waiting for clues on Chinese demand after the Lunar New Year holidays last week.
Macroeconomic news capped gains as investors expect the the US Federal Reserve raises interest rates by 25 basis points on Wednesdaywhile both the Bank of England and the European Central Bank will raise rates on Thursday.
The dollar index rose, making US commodities more expensive for holders of other currencies. Investors were also adjusting their positions at the end of the month, analysts said.
Source: Ambito
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