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US wheat futures rise on stronger demand

Posted to Maritime Reporter on July 5, 2024

Chicago Board of Trade Wheat Futures spiked Friday due to an increase in demand for U.S. Wheat, thanks to a lower dollar and availability of desirable new crop wheat.

Concerns about the U.S. crop being affected by hot, dry weather during its critical growing season also led to a rise in corn and soy futures.

The market was quiet between Thursday's U.S. Independence Day holiday and the weekend. Traders said that the market was quieter than usual between Thursday's closure due to the U.S. Independence Day holiday and the weekend.

Brian Hoops of Midwest Market Solutions said, "We have low-volume, technical trade." "A large part of the trade won't be there and will take a four-day holiday."

CBOT September soft-red winter wheat closed at $5.90-1/4 a bushel, up 16-1/2-cents.

The most active November soybeans finished up 8-1/4 Cents to $11.29-3/4 per bushel. The most-active December corn finished 4-1/2 cents higher at $4.24 per bushel.

After the holiday, the U.S. Department of Agriculture announced export sales of the U.S. crop a day later. The U.S. Department of Agriculture released export sales for the crop in the United States one day late following the holiday.

The demand for freshly harvested U.S. Wheat crop is also increasing, traders reported.

Hoops stated that there is usually more interest in wheat during harvest. Buyers prefer freshly harvested wheat, which is moved directly from the combines to shipping port to barges.

The traders say that the forecasts of hot and dry weather for July are causing concern about domestic corn and soybean crops at a critical phase of pollination.

Rich Nelson, a strategist with Allendale, stated that "we want cold temperatures and above-normal moisture, but it's going to be higher temperatures and dryer weather."

Exports of soybeans fell short of expectations, while corn sales were below expectations.

Tags: Transportation North America

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