Linked In
News In
Linked In

You are viewing 1 of your 2 complimentary articles.

Register now to receive full access.

Already registered?

Login | Join us now

Commodities and shares

Twitter Linkedin

Weather and hopes for economic revival have conspired to send agricultural commodities off to a brisk start to the week, with wheat leading the charge.

May wheat stood £2.10 higher at £111.50 in lunchtime trade in London, and up E2.75 at E139.75 in Paris, with July and November contracts also making ground.

In Chicago, wheat for May delivery was 8.5 cents higher at $5.72 per bushel, taking gains this month to 7.4%.

The increase reflected renewed concerns for the US wheat crop after forecasters predicted a cold snap for parts of the US Plains hard red winter wheat region, which has already been afflicted by drought. Wheat prices in Kansas, the biggest centre for trading hard red winter varieties, added 9.25 cents to $6.27 a bushel.

Soy also got off to a flying start, helped by hopes for US exports, which data last week showed had enjoyed a promising first quarter. Chicago soy for May was 11 cents up at 10.06 1/2 a bushel.

Fears are also growing for South America's soy crop after drought in Brazil and Argentina. Paraguay, the world's fourth largest exporter, on Friday estimated its 2008-09 crop had fallen 40% year on year.

May corn added 1.5 cents to $4.06 a bushel.

Traders said the across-the-board gains also reflected hopes that last week's G20 summit may deal a blow to global recession. Prices of oil and many metals also rose, with gold, favoured in times of economic difficulty, losing ground.

By Mike Verdin

Twitter Linkedin
Related Stories

December makes poor stab of bringing festive cheer to ag bulls

This might have been the month when grain prices began a "breakout", higher. Instead, ag prices are hitting their lowest in at least 26 years

Morning markets: Wheat futures set fresh contract low

... dragging on the corn market, amid selling ahead of a key US report. The Argentine weather outlook depresses soybean prices

Weekly grains market view from Europe

Ethanol plant shutdown, in face of "government inaction", could boost UK wheat supplies... of which relatively little is of milling grade... Spanish dryness...

Evening markets: Brazilian travails send coffee, soybean and sugar futures lower

... while Canada’s crop upgrade sends wheat to a fresh contract low. But cotton spares blushes for ag bull, hitting a seven-month high
Home | About | RSS | Commodities | Companies | Markets | Legal disclaimer | Privacy policy | Contact

© 2017 and Agrimoney are trademarks of Agrimoney Ltd
Agrimoney is part of the Briefing Media group
Agrimoney Ltd is registered in England & Wales. Registered number: 09239069