Home / Markets / Markets Analysis / Wheat market / Wheat Takes The Reins To Trade Sharply Higher

Wheat Takes The Reins To Trade Sharply Higher

Jeff Caldwell 07/17/2014 @ 1:13pm Multimedia Editor for Agriculture.com and Successful Farming magazine.

The bouncing around continues in the grain markets, with a quick, sharp turnaround in the wheat market at mid-day.

Nearby wheat futures have surged out of the red to trade at 12 1/2 cents higher to $5.50 1/2 per bushel, while nearby corn remains just 1/4 cent lower at $3.86 1/2, according to Barchart.com. Soybeans spent some of the morning in the black only to turn lower, with the nearby contract now trading 3 1/4 cents lower at $10.98 3/4 per bushel.

Thursday's USDA Foreign Agricultural Service (FAS) weekly export sales report shows 573,700 metric tons of corn was exported last week, 58% than the previous week and "up noticeably" from the rolling 4-week average. Thursday's report shows soybean exports, at 37,700 metric tons, were 33% lower than last week and a whopping 71% lower than the previous average. Wheat sales were 320,700 million tons for delivery in the next year.

"The weather continues to impress and the weekend in Chicago looks to be fantastic," says Agriculture.com market analyst and broker in Chicago, Scott Shellady. "Financials are not off to a good start while the commodity sector is flatlining."


Marketing Talk's Greatest Hits for Thursday, July 17


CancelPost Comment
MORE FROM JEFF CALDWELL more +

Midwest Temps Dip; Frost Chances Remain Low By: 09/11/2014 @ 6:29am The system that brought monsoon-type rainfall to parts of the Midwest over the last few days has…

Don't Neglect Safety This Harvest By: 09/10/2014 @ 8:57am Harvest is here (or close, depending on your location). It's about the craziest time of the…

Storing Grain Outside This Fall? Keep It Dry… By: 09/10/2014 @ 6:51am If crop output projections reach fruition this fall, there could be a lot of corn and soybeans…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
What is Hybrid Planting?