Wheat futures extend gains on new signs of tight supply, dryness in key areas

seekingalpha09-14

U.S. wheat futures ended a third straight week of gains Friday, as the Indian government's decision to cut the size of stockpiles traders and retailers are allowed to maintain by a third to prevent ...

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The move was seen adding to concerns that dry weather will hurt crops in key European producers such as Russia and Ukraine, according to Bloomberg, even as the U.S. Department of Agriculture raised its estimate for global wheat stockpiles at the end of the 2024-25 crop season. The escalation of the conflict between Russia and Ukraine, with a Ukrainian ship carrying wheat to Egypt struck by Russia this week, also is bullish for wheat futures. On the CBOT Friday, wheat for December delivery (W_1:COM) finished +2.9% at $5.95 per bushel, while December corn (C_1:COM) closed +1.9% to $4.13 3/4 per bushel and November soybeans (S_1:COM) settled -0.4% to $10.06 3/4 per bushel. ETFs: (NYSEARCA:WEAT), (NYSEARCA:CORN), (NYSEARCA:SOYB), (DBA), (MOO) Wheat futures were supported Friday by \"a combo of factors including wetness in EU, more Black Sea tensions, dry weather for hard red winter wheat seedings in areas of Southern Plains and more technical buying,\" Joel Karlin of Ocean State Research told Dow Jones. The latest WASDE report from the USDA showed limited changes to the agency's previous estimates, so \"while the report certainly wasn't bullish, it didn't bring enough of a bearish surprise to do too much damage,\" StoneX analyst Matt Zeller said.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2467503861"}