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August 14th, 2012
Wheat futures fell for a third straight session on signs that a two-month rally has reduced demand for supplies from the U.S., the world’s biggest exporter. Corn rose while soybeans declined.
Egypt, the largest importer, bought 60,000 metric tons of Russian wheat at $313 a ton and an equal amount from Ukraine at $313.88 a ton, according to Nomani Nomani, the vice chairman of the General Authority for Supply Commodities. Cargill Inc. had offered to sell U.S. supplies for $344.53 a ton, according to two traders with direct knowledge of the tender. The price fell from $316.47 purchased from Russia on Aug. 11.
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May 15th, 2012
Wheat futures rose the most in more than two weeks on speculation that dry weather will curb yields in Kansas, the biggest U.S. producer of winter varieties.
About 52 percent of the Kansas crop was in good or excellent condition as of May 13, down from 60 percent a week earlier, the U.S. Department of Agriculture said in a report yesterday. Most of the state has received little or no rain in the past week, National Weather Service data show. Wheat prices have dropped 6.8 percent this year as favorable weather sped crop development.
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February 6th, 2012
Wheat futures gained for the first time in three sessions on speculation that cold weather in France, Germany and Ukraine will damage dormant crops.
Temperatures reached minus 15 degrees Celsius (5 degrees Fahrenheit) in France’s Alsace and Lorraine regions yesterday, according to forecaster Meteo France. In northern Germany, where some fields lack a protective layer of snow, soil temperatures have dropped below minus 8 degrees Celsius, Deutscher Wetterdienst said. Cold weather in the Black Sea region also has hurt crops.
“There’s been a lot of talk about the cold in Europe and in Russia and Ukraine,” Larry Glenn, an analyst at Frontier Ag in Quinter, Kansas, said in a telephone interview. “Traders still remember two years ago when everything was OK, then they had a terrible harvest. They remember how much any loss to production can mean to prices if it comes out of Europe and the Black Sea area.”
Wheat futures for March delivery gained 1.2 percent to close at $6.685 a bushel at 1:15 p.m. on the Chicago Board of Trade. The price, down 2 percent in the previous two sessions, has dropped 22 percent in the past 12 months.
Ukraine, the biggest grain grower in the Black Sea region after Russia, will need to replant at least half of its winter crops after freezing weather this week, Tetiana Adamenko, the head of agro-meteorology at the country’s national weather center, said on Feb. 3.
Damage known as winter kill caused by freezing weather will probably be average as snow cover protected some plants in parts of Bulgaria, where temperatures fell below minus 30 degrees Celsius, FCStone said in a report today.
The outlook for European soft wheat remains positive, and “there is little reason to believe that from a European perspective it will be greater than seasonal averages,” said Jaime Nolan-Miralles, an FCStone risk analyst.
- Tony C. Dreibus in London at Bloomberg.
Jan 31, 2012
Wheat futures rose in Chicago, heading for a second monthly gain, on speculation cold weather in Europe will hurt winter crops that lack protective snow cover. Corn and soybeans climbed.
Temperatures tomorrow may fall as low as minus 15 degrees Fahrenheit in Ukraine, Joel Burgio, a senior meteorologist at Telvent DTN, said in a report yesterday. That may damage plants that aren’t covered by snow. Prices also advanced as a Russian official said the country’s government will consider taxing grain exports.
“There’s a massive cold front coming through,” said William Adams, a portfolio manager at Resilience AG in Zurich. “Ukraine wheat production is expected to drop a bit, and that’s going to pressure wheat.”
Wheat futures for March delivery increased 1.9 percent to $6.57 a bushel by 1:15 p.m. London time on the Chicago Board of Trade. The most-active contract has gained 0.7 this month. Milling wheat for March delivery traded on NYSE Liffe in Paris rose 2.3 percent to 213.75 euros ($281.65) a metric ton.
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