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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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October 31st, 2012
Wheat Futures – The condition of winter-wheat crops in the U.S. are the worst for this time of year since the government began monitoring in 1985, as drought damage spread from Midwest corn and soybean fields to the Great Plains.
An estimated 40 percent of winter wheat, the most-common domestic variety, was rated good or excellent as of Oct. 28, with 15 percent poor or very poor, the U.S. Department of Agriculture said today in its first assessment of the season. A year earlier, 46 percent got the top ratings.
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October 23rd, 2012
Wheat production in Australia, the world’s second-biggest shipper, will probably decline 28 percent to the lowest level in five years, missing a government estimate, after dry weather reduced yields.
The harvest (ALHVS) will total 21.2 million metric tons in the 2012-2013 marketing year, according to the median of estimates from four analysts and two traders compiled by Bloomberg. That compares with 23.25 million tons in a survey last month and an official forecast of 22.5 million tons. The crop was a record 29.5 million tons last year.
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September 19th, 2012
Wheat futures rose for the first time in three days as grain inventories declined in Russia, the world’s third-biggest exporter.
Russia’s Federal State Statistical Service said yesterday that grain stockpiles as of Sept. 1 dropped 21 percent from a year earlier. The U.S. Department of Agriculture has forecast that Russia’s output will slump 31 percent following dry weather.
Importers “will have to look elsewhere for grain,” Jon Marcus, the president of Lakefront Futures & Options, LLC in Chicago, said by telephone. “As a whole, that’s bullish for the wheat market.”
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August 28th, 2012
Wheat futures fell, capping the longest slump in 11 months, after Egypt, the world’s biggest importer of the grain, shunned U.S. inventories and bought supplies from Russia.
Egypt on Aug. 25 bought 120,000 metric tons of Russian wheat and 60,000 tons of Romanian wheat, the state-run General Authority for Supply Commodities said. Russian production of the grain may fall 27 percent this year after drought cut yields. The U.S. is expected in 2012-2013 to be the biggest exporter of wheat, followed by Australia, Canada and Russia.
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August 17th, 2012
Wheat prices advanced for a third day in Chicago, limiting the extent of a second weekly loss as falling supplies from Russia may boost demand for grain from the U.S. and the European Union.
Wheat futures for December-delivery rose as much as 1.1 percent to $8.9125 a bushel on the Chicago Board of Trade before trading at $8.8925 at 12:29 p.m. Paris time, set for a 1.3 percent weekly loss. Milling wheat for November delivery traded in the French capital rose 0.5 percent to 261.50 euros ($323.42) a metric ton.
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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 24th, 2012
Wheat Futures – Droughts withering wheat crops from the U.S. to Russia to Australia will probably spur the biggest reduction in global supply estimates since 2003 and drive prices to the highest in almost a year.
Kansas, the top U.S. grower of winter wheat, is poised for its driest May on record, the state’s climatologist estimates. Ukraine and Russia, accounting for 11 percent of world output, have endured drought conditions for three months, University College London data show. The U.S. Department of Agriculture may cut its global crop estimate by 1.2 percent next month, the biggest drop in a June report since 2003, according to the average of 18 analyst estimates compiled by Bloomberg.
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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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