Wheat Futures Options Trading
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Wheat Futures Options TradingCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Wheat Futures: Wheat Slides as Favorable Weather May Aid Harvests in India and Australia September 7th, 2010 Wheat futures fell in Chicago, erasing a climb to a three-week high, as rain in India and Australia lifted crop prospects and as dry weather may permit the Canadian harvest to advance. Wheat futures for December slid 1.7 percent to $7.29 a bushel on the Chicago Board of Trade at 2:14 p.m. Paris time. The contract had advanced as high as $7.485, the highest price since Aug. 13, according to data compiled by Bloomberg. Southwest Australia got 0.25 to 1 inch of rain over several days last week, AccuWeather.com said Sept. 3. South Australia today raised the forecast for its wheat production to 4 million metric tons from 3.5 million tons in July. “Things are looking pretty promising in South Australia,” Dave Norris, an independent U.K. feed broker, said on his website today. In India, above-average monsoon rains may result in “potentially bumper winter crops again this season, with wheat planting set to start next month.” Monsoon rains in India’s wheat-growing areas in southern and eastern Gujarat and Madhya Pradesh will be 0.5 to 1.5 inches a day through Sept. 9, AccuWeather said today. In Canada, a lack of rain may allow farmers to bring in remaining wheat crops, according to the forecaster. “Much of the Canadian Prairies will have dry weather through Wednesday, favoring harvest efforts,” AccuWeather said. Wheat 71% JumpWheat futures milling for November delivery traded on NYSE Liffe in Paris fell 0.9 percent to 229.75 euros ($292.79) a ton, rebounding from a slide of as much as 2.2 percent.Wheat futures have surged 71 percent in Chicago from this year’s low of $4.255 a bushel on June 9. The gain “is a concern in itself,” Abdolreza Abbassian, senior grains economist at the United Nations’s Food and Agriculture Organization in Rome, said in an interview on “The Pulse” with Andrea Catherwood yesterday. Still, “it is not something we consider at this stage to be of a global-crisis status,” he said. Higher wheat prices helped push the FAO’s global Food Price Index to 176 last month, the highest level since September 2008. The world is not heading for a new food crisis and there is “no cause to worry” given the global supply-and-demand balance, said Hafez Ghanem, assistant director-general for economic and social development at the FAO. Corn for December delivery fell 1.1 percent to $4.5925 a bushel in Chicago, while soybeans for November delivery slipped 0.2 percent to $10.325 a bushel. - Rudy Ruitenberg in Paris at Bloomberg. Click here for your Free Wheat Futures Trading eGuide |
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