Wheat Futures Rise on Demand News From Egypt
Wheat futures closed higher on signs of demand from Egypt, the world's biggest buyer of the grain.
Egypt's General Authority for Supply Commodities said today that it bought 60,000 metric tons of Romanian wheat, 115,000 tons of Russian wheat and 60,000 tons of French wheat.
While the North African country didn't buy from the U.S., any purchases will take even a small bite out of global inventories, which are expected by the Department of Agriculture to be a record 232 million metric tons.
Corn and soybeans were mixed as investors weigh slack demand in an economic downturn versus record-high net-short positions in corn.
Money managers last week were net-short a record 195,338 corn contracts; 45,185 bean contracts; and 73,275 hard-red winter wheat contracts, according to the Commodity Futures Trading Commission.
Still, demand for U.S. inventories has been dismal in the current marketing year. Corn shipments since the start of the marketing year are down 23% and soybean exports have dropped 9%.
Wheat futures for Chicago delivery gained 2 1/2 cents to $4.74 a bushel on the Chicago Board of Trade. Kansas City wheat added 3 3/4 to $4.71 a bushel.
Corn futures for March delivery fell 2 1/2 cents to $3.66 1/4 a bushel on the CBOT.
Soybeans for March delivery added 4 3/4 cents to $8.78 3/4 a bushel. Soymeal gained $2.70 to $272.50 per short ton, and soyoil futures rose 0.07 cent to 29.88 cents a pound.