2023-05-12 23:44:01
Por Julie Gingersen
CHICAGO (Reuters) – U.S. wheat futures rose on Friday as traders focused on crop failure forecasts in the drought-hit U.S. Plains.
Corn and soybeans mostly fell on the Chicago Stock Exchange, mainly with the government’s prospect of record harvests for both crops.
Kansas City hard red winter wheat futures posted the biggest gains, rising more than 4%, and the July contract hit its highest level since Nov. Harvest on the Plains would be the lowest since 1957 as farmers in Kansas, Oklahoma and Texas were forced to abandon crops due to drought conditions.
“The most important number was new crop wheat production,” Charlie Sernatinger, an analyst at Marex Capital, said in a note to clients.
In Chicago, the most traded wheat contract closed up 7.75 cents to $6.35 a bushel.
Soybeans fell 15.5 cents to $13.90 a bushel. July corn rose 4 cents to $5.8625 a bushel, while new crop corn fell 5 cents to $5.0875 a bushel.
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Source:
Reuters
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