Investing.com - U.S. wheat prices extended gains from the
previous session to hit a four-month high on Thursday, as ongoing
concerns over a disruption to supplies from Ukraine boosted hopes
for increased demand for U.S. supplies.
On the Chicago Mercantile Exchange, wheat for May delivery rose
to a session high of $6.9625 a bushel, the most since October 25.
Wheat last traded at $6.8988 a bushel during U.S. morning hours, up
0.8%, or 5.5 cents.
The May wheat contract rallied 3.76%, or 24.6 cents, on
Wednesday to settle at $6.8360 a bushel.
Wheat prices surged in recent sessions as ongoing worries over
political instability and violence in Ukraine fuelled concerns over
a disruption to supplies from one of the world's largest wheat
Ukraine is forecast to export 10 million tonnes of wheat in the
current marketing season, according to the USDA.
A disruption to supplies from Ukraine could mean increased
demand for U.S. grains.
Meanwhile, corn futures for May delivery rose 0.65%, or 3.2
cents, to trade at $4.9238 a bushel, the highest since March 7. The
May corn contract picked up 1.09%, or 5.2 cents, on Wednesday to
settle at $4.8840 a bushel.
Corn prices have been well-supported in recent weeks amid
ongoing indications of robust demand for U.S. supplies and amid
concerns over a disruption to supplies from Ukraine.
Ukraine is forecast to export 18.5 million tonnes of corn in the
current marketing season, representing 16% of global trade,
according to the USDA.
Elsewhere on the CBOT, soybeans futures for May delivery inched
up 0.03% to trade at $13.8788 a bushel.
Prices of the oilseed tumbled to $13.6540 a bushel on Wednesday,
the weakest level since February 24, before trimming losses to
settle at $13.8700 a bushel, down 1.84%, or 26 cents.
Wednesday's losses came amid easing concerns over a shortage in
The U.S. Department of Agriculture lowered its forecast for U.S.
soybean stockpiles on August 31 to 145 million bushels from a
previous estimate of 150 million bushels, compared to expectations
for a decline to 141 million bushels.
The agency said soybean production in Brazil will total 88.5
million metric tons in the current market season, down from 90
million tons forecast last month. Analysts were looking for a cut
to 88.1 million tons.
Soybeans rallied to a six-month high of $14.6000 a bushel on
March 7 as hot and dry conditions in key soy-growing regions in
Brazil fuelled concerns over crop prospects.
Corn is the biggest U.S. crop, followed by soybeans, government
figures show. Wheat was fourth, behind hay.
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