Monday, April 9, 2018

"GRAINS-Wheat Rallies As Cold Weather Threatens Crops"

Here's the last year's action via FinViz:

Front futures 477.50 up 5.00 on the day
And from Intellicast the U.S. Snow Cover map:

Cold right up the gut of the wheat production area: Oklahoma to the Dakotas.
Finally Reuters via
U.S. wheat futures jumped more than 1 percent on Monday to hit a three-week high as cold weather threatens to cause further harm to crops, already damaged by dry weather.

Soybeans rose more than 1 percent, despite the threat of a trade war between the United States and China damaging demand for North American supplies, while corn also edged higher.

The most active wheat futures on the Chicago Board Of Trade were up 1.4 percent at $4.78-3/4 a bushel by 0257 GMT, near the session high of $4.81-3/4 a bushel - the highest since March 16. Wheat closed up 1.6 percent on Friday.

"There are concerns about cold temperatures causing some frost damage, coming after last week's U.S. Department of Agriculture crop report that showed the damage of recent dry weather," said Phin Ziebell, agribusiness economist at National Australia Bank.

As well the cold temperatures threatening U.S. hard red winter wheat crops, analysts said the adverse weather could also delay planting of the country's spring crop.

The most active soybean futures were up 1.7 percent at $10.51-1/4 a bushel, after closing up 0.2 percent on Friday.

The most active corn futures were up 0.5 percent to$3.90-1/4 a bushel, having closed down 0.3 percent in the previous session

Despite the grain and soybean complex all strengthening, analysts noted pressure from fears of a widening trade war between the United States and China....