US wheat futures edged higher on Monday after touching a three-week low in the previous session as traders worried that key growing areas of the US Plains will remain unfavourably dry. Weekend rains in the US Plains breadbasket were lighter than expected, and there were doubts that an upcoming storm system would bring significant relief to the crops.
Traders were waiting for the US Department of Agriculture to issue its first weekly crop-progress report of 2014, which is expected to show a decline in US winter wheat condition ratings due to persistent dryness. The report is due at 3 pm CDT (2000 GMT). Chicago Board of Trade May wheat futures were up 3/4 cent, or 0.1 percent, at $6.70-1/2 a bushel by 10 am CDT (1500 GMT). They had lost 3.7 percent last week, falling 0.9 percent to a three-week low on Friday as rain forecasts eased crop concerns.
Technical buying helped underpin the wheat market ahead of a monthly USDA supply/demand report on Wednesday that is expected to tighten the government's outlooks for US supplies of wheat, corn and soyabeans. May soyabeans were up 1-1/4 cents, or 0.1 percent, at $14.75 a bushel. May corn dipped 3-1/2 cents, or 0.7 percent, to $4.98-1/4.
Comments
Comments are closed.