Wheat futures soar to nine-month highs on Russian freeze damage

seekingalpha05-11

U.S. wheat futures surged Friday to their highest finish since August, as a "historic freeze" looks to threaten production in Russia, which is among the world's largest wheat producers. Reports said ...

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Reports said ...</p>\n\n<a href=\"https://seekingalpha.com/news/4104889-wheat-futures-soar-to-nine-month-highs-on-russian-freeze-damage\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"DBA","symbol_name":"农业指数ETF-PowerShares DB","start_time":0,"source_url":"https://seekingalpha.com/news/4104889-wheat-futures-soar-to-nine-month-highs-on-russian-freeze-damage","article_id":"2434890362","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1287023243/image_1287023243.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2434890362","pubTimestamp":1715379336,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"U.S. wheat futures surged Friday to their highest finish since August, as a \"historic freeze\" looks to threaten production in Russia, which is among the world's largest wheat producers. 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CBOT wheat futures (W_1:COM) for July delivery settled +3.8% to $6.61 3/4 per bushel, while July corn (C_1:COM) closed +2.6% to $4.68 1/2 per bushel and July soybeans (S_1:COM) finished -0.9% at $12.19 1/2 per bushel. ETFs: (NYSEARCA:WEAT), (NYSEARCA:CORN), (NYSEARCA:SOYB), (DBA), (MOO) CBOT corn enjoyed a boost after the release of the May WASDE report from the U.S. Department of Agriculture, which upwardly revised expectations for consumption of U.S. corn to 14.81B bushels in 2024, 100M bushels more than 2023. WASDE forecast U.S. production of soybeans in 2024 would reach 4.45B bushels and corn output of 14.86B bushels in 2024, both not far off record-high levels. The USDA also estimated world wheat stockpiles for the 2024-25 season totaled 253.6M metric tons, below the average estimate and the lowest level in eight years, global corn supplies of 312.3M, which were ~2% below the average estimate. 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