Home / Markets / Markets Analysis / Wheat market / Slow Harvest Boosts Wheat Prices

Slow Harvest Boosts Wheat Prices

Jordan Anderson 08/19/2014 @ 2:41pm Digital Content Editor for Successful Farming magazine and Agriculture.com

After starting lower, wheat continued to climb to close the day higher.

"Wheat futures traded 4 to 11 cents higher at midday, led by the hard red wheat contracts," says Allan Brugler of Brugler Marketing & Management, LLC. "The afternoon USDA Crop Progress Report showed spring wheat harvest at only 17% complete, vs. the five-year average of 33% for this date. The spring wheat condition rating lost two points in the good category, which ended up in the fair and poor categories."

At the close:

The Dec. corn futures settled 3/4 cent higher at $3.72 1/4.

Nov. soybean futures ended 5 cents lower at $10.52 3/4.

Sept. wheat futures closed 3 1/2 cents higher at $5.46.

"Rain in the forecast puts a cloud over commodity prices," says Scott Shellady, senior contributor to Marketing Talk on Agriculture.com and SVP at TJM Investments. "Improving weather patterns has the sellers out today." 

"The best way to describe a market like that is the reason it is going up is that there is no good reason for it NOT to go up," explains Shellady. "It is that time of year with big(ish) moves on little volume as most use these waning weeks for holiday."

CancelPost Comment
MORE FROM JORDAN ANDERSON more +

Wheat Rally Ends, Down 23¢ By: 12/19/2014 @ 1:45pm Dow and crude oil have been climbing the ladder all day, but the wheat rally has come to an end…

Wheat Rally Ends, Drop 18¢ By: 12/19/2014 @ 8:46am Markets took a significant downturn for the first time this week, and wheat fell double-digits…

Early Calls: Grain, Soybeans Drop Overnight By: 12/19/2014 @ 6:17am At 6:10 am:Early calls: Corn is 4-6 cents lower, soybeans 4-6 cents lower and wheat is seen 16-18…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
The Future of Livestock Production
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]