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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 18th, 2013
Wheat futures headed for the biggest weekly gain since July in Chicago on signs of improved export demand and as a lingering U.S. drought threatens this year’s harvest in the world’s largest exporter.
Sales to overseas buyers more than doubled to 536,200 metric tons in the week ended Jan. 10, U.S. Department of Agriculture data show. Egypt, the world’s largest wheat importer, and China both bought grain from the U.S. Drought probably will persist in the southern Great Plains for the next three months, the Climate Prediction Center in College Park, Maryland, said yesterday.
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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 28th, 2012
Wheat futures headed for the biggest gain in more than a week as export sales surged to the highest in almost two years in the U.S., the world’s biggest shipper. Soybeans and corn were little changed.
Exporters sold 1 million metric tons of wheat in the week ended Dec. 20, the most since Jan. 13, 2011, and the fourth straight weekly increase, government data showed today. Prices fell 11 percent this month through yesterday, boosting the appeal of U.S. supplies for overseas buyers, said Brian Hoops, the president of Midwest Market Solutions.
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December 27th, 2012
Wheat futures declined to the lowest since July in Chicago, extending a three-week decline after a storm brought snow cover in the U.S. Plains for next year’s crop and as import demand slowed.
A winter storm in the U.S. this week dumped heavy snow across the Plains and the Midwest that will protect wheat plants against frost and provide moisture when the snow melts in spring. Most of Kansas, Oklahoma and northern Texas was covered in 0.4 inch to 10 inches (1-25 centimeters) of snow as of yesterday, National Weather Service data show.
“The hard and soft red winter wheat crops could not have had better weather conditions,” economist Dennis Gartman wrote in his daily newsletter. “Many of the nation’s wheat growers have gotten what they’d wanted and needed: snow cover.”
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December 21st, 2012
Wheat Futures – The global wheat market has the least clarity in five years on South America’s biggest crop as Argentine growers hit by adverse weather say the government is exaggerating harvest estimates to contain price increases.
The government’s forecast for the crop farmers started harvesting in November is 7.1 percent higher than the Buenos Aires Grain Exchange’s, the largest discrepancy since at least 2007. Argentina’s biggest grain bourse estimates output will slump 30 percent to a three-year low of 9.8 million metric tons, while the government estimates 10.5 million tons. The Bahia Blanca exchange says output may fall to 8 million tons.
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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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