Home / Markets / Markets Analysis / Wheat market / Weather, tech-buying boost wheat futures

Weather, tech-buying boost wheat futures

05/20/2013 @ 2:48pm

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.

VIDEO: Critical Weather for Corn Planting 


MORE VIDEOS >> 

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


Sign up for our Market Email Alerts!

CancelPost Comment
MORE FROM DOW JONES NEWSWIRES more +

More Pig Losses Seen, Smithfield Says By: 05/14/2014 @ 7:55am The swine industry is struggling to contain a deadly virus that's sweeping U.S. hog farms…

Senators Turn Up Heat on Railroad Companies By: 05/13/2014 @ 11:39am Four Midwestern U.S. senators add their voices to a growing chorus of farmers, ethanol producers…

Summary of Friday's WASDE Report By: 05/09/2014 @ 2:53pm The following table is provided as a service to Wall Street Journal subscribers in conjunction…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Scott Shellady: Options 101