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160707

Wheat Futures Jump in Midday Trading on Unfavorable Global Weather

Soybeans Lower on Harvest Pressure

Wheat futures jumped in intraday trading as adverse weather in parts of Canada slows the harvest. 

Snowfall in Saskatchewan, the biggest producing province in Canada, has brought collection of the grain to a halt. Excessive rainfall earlier in the year also hurt crops in France and Germany, the biggest grain producers in the European Union. 

Wheat futures for December delivery rose 12 3/4¢ to $4.08 1/4 a bushel on the Chicago Board of Trade. Kansas City futures 13 1/2¢ to $4.16 1/2 a bushel. 

Corn was little changed and soybeans fell amid favorable harvest weather. A timely dry spell in the Midwest has allowed farmers to accelerate collection of crops. About 24% of corn was collected as of Sunday, up from 15% the prior week; for soybeans, 26% was harvested, up from 10%, according to the U.S. Department of Agriculture.

Underpinning prices, however, are strong sales. Corn sales since the start of the marketing year are up 76% from the same time frame a year earlier, and wheat and soybean sales have each increased 27%, according to the U.S. Department of Agriculture. Actual shipments are up 51% for corn, 78% for beans, and 28% for wheat. Exporters reported a sale of 100,000 metric tons of corn for delivery in the marketing year that started on September 1, the USDA said in a report yesterday. 

Corn futures for December delivery rose ½¢ to $3.48¾ a bushel on the Chicago Board of Trade.

Soybeans for November delivery fell 3 3/4¢ to $9.59 a bushel in Chicago. Soy meal futures for December delivery added 40¢ to $306.70 a short ton, and soy oil declined 0.23¢ to 32.87¢ a pound.

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