Wheat headed for the biggest weekly advance since March on speculation that cold conditions in the U.S. will damage crops in the biggest exporter. Soybeans fell.
The contract for March delivery rose as much as 0.5 percent to $5.5875 a bushel on the Chicago Board of Trade, the highest for a most-active contract since Sept. 2, and was at $5.58 by 11:05 a.m. in Singapore. Futures are set to climb 8.5 percent this week, the most since the period to March 7.
Sub-zero conditions in northeast Colorado, western Nebraska and far northwest Kansas may lead to spotty winter-kill, with losses of 1 percent to 2 percent possible for hard red wheat, Commodity Weather Group LLC said in a report yesterday. About 60 percent of the winter crop was in good or excellent condition as of Nov. 9, from 65 percent a year earlier, according to U.S. Department of Agriculture data.
“Market nerves are still jangled by the cold weather” though the area where crop is exposed to extremely low temperatures is modest, Common wealth Bank of Australia said in a note today. “Wheat has surpassed recent highs and momentum is turning stronger. We’re skeptical any rally will be sustained, but that does not mean prices might not shoot higher for a time, especially if investors still have shorts to clear.”
Investors cut bearish wagers on the grain by 27 percent in the weekend ended Nov. 4, U.S. Commodity Futures Trading Commission data show.
Soybeans for January delivery lost 0.7 percent to $10.46 a bushel, trimming a weekly advance. Corn for delivery in March was unchanged at $3.9875 a bushel, set for a weekly increase.
The contract for March delivery rose as much as 0.5 percent to $5.5875 a bushel on the Chicago Board of Trade, the highest for a most-active contract since Sept. 2, and was at $5.58 by 11:05 a.m. in Singapore. Futures are set to climb 8.5 percent this week, the most since the period to March 7.
Sub-zero conditions in northeast Colorado, western Nebraska and far northwest Kansas may lead to spotty winter-kill, with losses of 1 percent to 2 percent possible for hard red wheat, Commodity Weather Group LLC said in a report yesterday. About 60 percent of the winter crop was in good or excellent condition as of Nov. 9, from 65 percent a year earlier, according to U.S. Department of Agriculture data.
“Market nerves are still jangled by the cold weather” though the area where crop is exposed to extremely low temperatures is modest, Common wealth Bank of Australia said in a note today. “Wheat has surpassed recent highs and momentum is turning stronger. We’re skeptical any rally will be sustained, but that does not mean prices might not shoot higher for a time, especially if investors still have shorts to clear.”
Investors cut bearish wagers on the grain by 27 percent in the weekend ended Nov. 4, U.S. Commodity Futures Trading Commission data show.
Soybeans for January delivery lost 0.7 percent to $10.46 a bushel, trimming a weekly advance. Corn for delivery in March was unchanged at $3.9875 a bushel, set for a weekly increase.
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