Home / Markets / Markets Analysis / CBOT corn, wheat trade limit up

CBOT corn, wheat trade limit up

Agriculture.com Staff 04/25/2007 @ 10:54am

Nearby contracts for CBOT's corn and wheat hit limit up marks at mid-day on Wednesday, mainly due to wet weather and global wheat problems, one trader said.

At mid-day, CBOT May, July, and September contracts traded at their daily limit-up positions of $0.20. For wheat, the CBOT May, July, and September contracts reached daily limit up marks of $0.30.

Noel Blue, a CBOT floor broker and analyst, said the market is starting to take serious the planting delays due to wet weather.

"Wet weather is making some people want to cover bad positions," Blue said. "The liquidating of positions war is on."

Overall, there is no fresh news for wheat prices to stop going higher, Blue said. Also, fund buying and spill-over support from corn is firming wheat trade.

Blue added, "Global wheat production problems in Australia, Ukraine, the U.S., and other countries is supporting the corn market," Blue said.

Soybean futures prices traded $0.08-$0.09 higher, but have not moved above any significant technical levels.

/ag/futuresource/storyId=89600382

Nearby contracts for CBOT's corn and wheat hit limit up marks at mid-day on Wednesday, mainly due to wet weather and global wheat problems, one trader said.

CancelPost Comment
MORE FROM AGRICULTURE.COM STAFF more +

Farm and ranch risk management resources By: 07/07/2010 @ 9:10am Government resources USDA Risk Management Agency Download free insurance program and…

Major types of crop insurance policies By: 07/07/2010 @ 9:10am Crop insurance for major field crops comes in two types: yield-based coverage that pays an…

Marketing 101 - Are options the right tool… By: 07/07/2010 @ 9:10am "If you are looking for a low risk way to protect yourself against prices moving either higher or…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Confluence Project: Bioreactors