AGL 38.48 Decreased By ▼ -0.08 (-0.21%)
AIRLINK 203.02 Decreased By ▼ -4.75 (-2.29%)
BOP 10.17 Increased By ▲ 0.11 (1.09%)
CNERGY 6.54 Decreased By ▼ -0.54 (-7.63%)
DCL 9.58 Decreased By ▼ -0.41 (-4.1%)
DFML 40.02 Decreased By ▼ -1.12 (-2.72%)
DGKC 98.08 Decreased By ▼ -5.38 (-5.2%)
FCCL 34.96 Decreased By ▼ -1.39 (-3.82%)
FFBL 86.43 Decreased By ▼ -5.16 (-5.63%)
FFL 13.90 Decreased By ▼ -0.70 (-4.79%)
HUBC 131.57 Decreased By ▼ -7.86 (-5.64%)
HUMNL 14.02 Decreased By ▼ -0.08 (-0.57%)
KEL 5.61 Decreased By ▼ -0.36 (-6.03%)
KOSM 7.27 Decreased By ▼ -0.59 (-7.51%)
MLCF 45.59 Decreased By ▼ -1.69 (-3.57%)
NBP 66.38 Decreased By ▼ -7.38 (-10.01%)
OGDC 220.76 Decreased By ▼ -1.90 (-0.85%)
PAEL 38.48 Increased By ▲ 0.37 (0.97%)
PIBTL 8.91 Decreased By ▼ -0.36 (-3.88%)
PPL 197.88 Decreased By ▼ -7.97 (-3.87%)
PRL 39.03 Decreased By ▼ -0.82 (-2.06%)
PTC 25.47 Decreased By ▼ -1.15 (-4.32%)
SEARL 103.05 Decreased By ▼ -7.19 (-6.52%)
TELE 9.02 Decreased By ▼ -0.21 (-2.28%)
TOMCL 36.41 Decreased By ▼ -1.80 (-4.71%)
TPLP 13.75 Decreased By ▼ -0.02 (-0.15%)
TREET 25.12 Decreased By ▼ -1.33 (-5.03%)
TRG 58.04 Decreased By ▼ -2.50 (-4.13%)
UNITY 33.67 Decreased By ▼ -0.47 (-1.38%)
WTL 1.71 Decreased By ▼ -0.17 (-9.04%)
BR100 11,890 Decreased By -408.8 (-3.32%)
BR30 37,357 Decreased By -1520.9 (-3.91%)
KSE100 111,070 Decreased By -3790.4 (-3.3%)
KSE30 34,909 Decreased By -1287 (-3.56%)

Hard red spring wheat futures on the Minneapolis Grain Exchange closed higher on Thursday, rebounding from declines as Chicago Board of Trade wheat rallied on short-covering, traders said. Traders were also positioning for Friday's USDA plantings and quarterly stock reports.
The average analyst estimate for US spring wheat seedlings was 13.588 million acres, down from 14.899 million in 2006. MGE May spring wheat closed up 3-3/4 cents at $5.02-3/4 per bushel, with July up 2-1/2 at $5.08-3/4 and new-crop December up 2-1/2 at $5.22-1/2.
The May/July spread traded at a carry of 6-1/2 to 7 cents. Firm cash markets helped support the May contract, although basis bids were flat in the Minneapolis rail market. "The mills are starting to sniff around for wheat," one Minneapolis trader said.
J.P. Morgan bought 200 December contracts and sold the same amount of Chicago wheat, traders said. Volume was estimated by the exchange at 6,980 contracts, up from 4,645 on Wednesday. At the CBOT, May wheat settled up 4-1/2 cents at $4.61. Wheat futures had support from bullish data in the USA's weekly export sales report. The government pegged US wheat sales at 636,500 tonnes (old and new crop), above trade estimates for 450,000 to 550,000 tonnes.
The Minneapolis market had light overhanging pressure from beneficial rains in the northern US Plains spring wheat belt, which should boost soil moisture ahead of the start of planting in April. The National Weather Service said heavy rains were forecast through on Friday in parts of the region, including 1 to 2 inches the Red River Valley.

Copyright Reuters, 2007

Comments

Comments are closed.