US MIDDAY: Wheat rises

26 Mar, 2019

US wheat futures gained on Monday, lifted by short-covering as well as concerns about North American production as American weather threatened to delay planting.
Corn prices also rose, extending gains into a fourth session, while soyabean futures firmed.
The May wheat futures contract on the Chicago Board of Trade was up 3-1/2 cents at $4.69-1/2 per bushel by 11:56 a.m. EDT (1556 GMT).
CBOT May Corn gained 1-1/4 cent to $3.79-1/2 per bushel. It earlier hit $3.80-1/4 a bushel, near its highest level since Feb. 25.
CBOT May soyabeans rose 2-1/4 cents to $9.06 a bushel.
Raising concerns about wheat production, a blanket of heavy, wet snow is covering most of North Dakota, the top US wheat state, which could mean a delay in planting of spring wheat.
The Farm Belt is still reeling from a "bomb cyclone" storm that unleashed floods last week.
On Monday, the US Department of Agriculture reported export inspections of US wheat in the latest week at 340,398 tonnes. Export inspections of corn totalled 995,997 tonnes, while inspections of soyabeans were 857,970 tonnes.
Corn futures received some support from strong Chinese demand.
The US Department of Agriculture announced corn sales totalling 300,000 tonnes to China on Friday - the largest purchase by Beijing in five years.
The orders came following weeks of rumours that Beijing was poised to make a goodwill purchase of the grain amid ongoing US-China trade talks.
A farmer survey by crop advisory firm Farm Futures on Friday said US growers will plant 1.9 percent more corn acres this year and 3.7 percent fewer soyabean acres.

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