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Weather, tech-buying boost wheat futures

05/20/2013 @ 2:53pm

U.S. wheat futures reversed earlier losses to settle higher Monday, boosted by technical buying and threats to U.S. production.

Chicago Board of Trade July wheat futures settled up 2 cents or 0.3% at $6.85 1/4 a bushel.

Wheat rose near the end of the session as technical traders bought futures to take advantage of recent price declines. CBOT July wheat on Friday settled at a more than one-month low and traded lower during the day Monday.

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Traders are also concerned about poor conditions for winter wheat crops in much of the southern Plains, and planting delays for the spring wheat crop in the upper Midwest. Rain this week could further delay plantings in North Dakota and Minnesota.

Corn futures ended mixed, with nearby futures falling and deferred futures rising as speculative market participants appeared to exit spread positions, traders said.

Soybean futures rose on tight current supplies and strong cash markets. Cash prices are strong for soybeans in the food processing industry.

July corn futures fell 3 1/4 cents or 0.5% to $6.49 1/2 a bushel. July soybeans rose 16 cents or 1.1% to $14.64 1/2 a bushel.

Write to Owen Fletcher at owen.fletcher@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
May 20, 2013 14:47 ET (18:47 GMT)
DJ U.S. Wheat Futures Rise On Technical Buying, Crop Threats->copyright

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