Wheat Takes The Reins To Trade Sharply Higher
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."
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