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April 2nd, 2013
Wheat advanced for a second day, extending a rebound from the lowest level in nine months, on concern that freezing conditions in the U.S. probably hurt the winter crop, while wet weather may delay planting of the spring crop. Corn fell for a fourth day, deepening a bear market.
Wheat futures for delivery in May gained as much as 0.9 percent to $6.765 a bushel on the Chicago Board of Trade, after dropping to $6.5975 on April 1. It traded at $6.72, up 0.2 percent at 9:26 a.m. in Singapore on volume that was about 59 percent above the 100-day average for that time of day.
Freezing conditions early last week may have damaged so- called jointing wheat in the southern plains, while in the Delta region, heavy rain this week may delay spring field work, Bryce Anderson, an agricultural meteorologist at DTN, said in a report yesterday. Jointing refers to a stage when nodes develop on a plant’s stem, according to a Queensland government website.
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March 19th, 2013
Wheat Futures – Farmers from Australia to Europe to the U.S. are poised to reap the second-largest wheat crop on record as fields recover from drought and heat waves, boosting global stockpiles for the first time in four years.
Output will climb 4.3 percent to 690 million metric tons, about 10 million tons short of the all-time high set two years ago, the United Nations estimates. Global inventories will increase by 2 million tons to 176 million tons, the Australian Bureau of Agricultural and Resource Economics and Sciences predicts. Prices will probably drop 16 percent to $6 a bushel in Chicago by the end of the year, according to the median of 16 analyst and trader estimates compiled by Bloomberg.
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March 7th, 2013
Wheat Futures News- The global wheat harvest may climb 4.3 percent from the previous season, reaching the second- highest on record, as European farmers expanded acreage while yields rebound in Russia, the United Nations’ Food & Agriculture Organization said.
World output may total 690 million metric tons this year, compared with 661.8 million tons a year earlier, the Rome-based FAO said today in an online report. The harvest would be second only to the 2011 record. Wheat planting in the European Union may be about 3 percent bigger than a year earlier and weather conditions have been “generally favorable.” Ukraine may also see a “large recovery” in output after satisfactory winter conditions, the FAO said. Russia and eastern Europe had dry weather last year.
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January 2nd, 2013
Wheat futures rose in Paris as commodities gained amid speculation demand will improve after U.S. lawmakers reached an accord to avert the so-called fiscal cliff of spending cuts and tax increases.
The Standard & Poor’s GSCI Index of 24 raw materials touched the highest level since Dec. 3 and the dollar slid after the U.S. House of Representatives passed a bill preventing income taxes from rising for most workers in the country. The U.S. is the world’s biggest wheat exporter and fourth-largest consumer of the grain, after China, the European Union and India, as well as the leading shipper of corn and soybeans.
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December 19th, 2012
Wheat futures declined, erasing earlier gains, on speculation that rain and snow in the U.S. Great Plains and Midwest will boost prospects for crops that are dormant for the winter.
Snow is expected in parts of the southern Plains where hard-red winter wheat is grown, and precipitation may fall as a winter storm covers most of Iowa, Nebraska and northwestern Missouri, forecaster DTN said in a report today. Wheat futures through yesterday had gained 24 percent this year, partly on dry U.S. weather.
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December 14th, 2012
Wheat futures traders are the least bullish in four weeks after the U.S. Department of Agriculture raised its world stockpile forecast for a second month, easing concern that droughts and heat waves will lead to shortages.
Thirteen analysts surveyed by Bloomberg said they expect prices to gain next week, 10 were bearish and one was neutral. That’s the lowest proportion of bulls since Nov. 16. Hedge funds cut their bets on higher prices by 57 percent since Aug. 7, two weeks after futures rallied to an almost four-year high after the worst U.S. drought in a half century, government data show.
The department on Dec. 11 raised its estimate for world inventories for May 31 by 1.6 percent, while analysts surveyed by Bloomberg anticipated a decline. Futures fell the most in two months. Wheat is leading gains in commodities this year after drought from Australia to Europe to the U.S. parched crops, at a time of near-record demand.
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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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