Shutterstock photo
Markets

Grains higher; wheat moves off 3-year low on U.S. crop concerns

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - U.S. grain futures were higher on Thursday, with wheat prices moving away from a three-year low amid speculation cold temperatures in key wheat-growing states in the U.S. will damage crops.

On the Chicago Mercantile Exchange, wheat for March delivery traded at USD5.6538 a bushel during U.S. morning hours, up 0.7%. Wheat prices traded in a range between USD5.6163 a bushel and USD5.6563 a bushel.

The March wheat contract settled down 0.18% on Wednesday to end at USD5.6120 a bushel.

Wheat prices have been under heavy selling pressure in recent sessions as increased global production underlined concerns over ample supplies.

Prices of the grain plunged to a three-and-a-half year low of USD5.6040 a bushel on January 10 after the U.S. Department of Agriculture forecast global wheat supplies at 185.4 million tonnes, up 1.4% from a December estimate of 182.8 million tonnes.

Elsewhere on the CBOT, soybeans futures for March delivery inched up 0.1% to trade at USD12.8063 a bushel. Prices of the oilseed held in a range between USD12.7963 a bushel and USD12.8288 a bushel.

The March soy contract fell to USD12.7200 a bushel on Wednesday, the lowest since January 13, before trimming losses to end at USD12.7940 a bushel, down 0.08%, after updated weather forecasts pointed to favorable weather conditions in key growing regions in Argentina and Brazil.

Meanwhile, corn futures for March delivery traded at USD4.2813 a bushel, up 0.25%. The March contract traded in a range between USD4.2588 a bushel and USD4.2813 a bushel.

CBOT March corn settled up 0.29% on Wednesday to end at USD4.2620 a bushel.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx