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May 14, 2021

Wheat posts biggest drop in almost two weeks on weather

Wheat futures posted the biggest decline in almost two weeks on speculation that favorable weather will boost crops in the U.S. and Canada, among the world’s top exporters. Soybeans rose, while corn dropped.
Conditions will be “favorably drier” for spring wheat in the northern U.S. and Canadian Prairies this month, Bethesda, Maryland-based Commodity Weather Group said yesterday in a report, Mediafax informs, quoting Bloomberg. Waning northern rain probably will aid harvesting and ease crop-quality concerns, while precipitation in the U.S. Plains will aid newly seeded winter grain, Joel Widenor, a group meteorologist, said in a telephone interview. “Yield reports out of North Dakota, South Dakota and Canada continue to be very good for spring wheat,” Alan Kluis, the president of Kluis Commodities in Wayzata, Minnesota, said in a telephone interview. “They need to get drier up there.” Wheat futures for December delivery fell 1.5 percent to close at USD 5.55 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest drop for a most-active contract since August 20.
Global production will rise to a record 713.4 million metric tons in the 2014-15 season, topping July estimates by 1.6 percent, the International Grains Council said last week, citing larger-than-expected crops in Russia, Europe and China. Concerns eased that Ukraine exports may be disrupted, Kluis said. Russian President Vladimir Putin is seeking to calm concern over remarks that his army could “take Kiev,” a foreign policy aide told reporters. The countries will account for a fifth of global shipments this year, the USDA estimates.
Soybean futures for November delivery rose 0.8 percent to USD10.32 a bushel, the largest gain since August 14. Soybean-meal futures for December delivery climbed 2.7 percent to USD 360 for 2,000 pounds, the biggest advance since July 16. Earlier, the price reached USD 362, the highest since July 17. Corn futures for December delivery dropped 0.3 percent to USD 3.6375 a bushel. Earlier, the price climbed as much as 0.8 percent.

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