Tuesday, 31 March 2015 01:43
CHICAGO: Wheat futures on the Chicago Board of Trade rose more than 4 percent Monday on forecasts for hot and mostly dry weather in the US Plains, along with technical buying a day ahead of two US Department of Agriculture reports, traders said.
K.C. hard red winter wheat futures posted the biggest gains of the three US wheat markets while MGEX spring wheat followed the firm trend.
Trade expects USDA on Tuesday to report US March 1 wheat stocks up nearly 8 percent from a year ago. All-wheat seedings should fall year-on-year, but analysts expect plantings of spring and durum wheat to rise.
Additional support from excessive moisture forecast for soft wheat areas of the Ohio River Valley.
The CFTC’s weekly commitments report on Friday showed large speculators expanded their net short in CBOT wheat in the week ended March 24, despite the market’s advance during that period.
Market shrugged off pressure from a stronger dollar, and forecasts for beneficial rains in the Black Sea wheat region.
Also bearish, USDA reported export inspections of US wheat in the latest week at 322,016 tonnes, below trade expectations.
Copyright Reuters, 2015
