Wheat grains-futures rise to highest since 2014 on global crop concern

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Wheat grains-futures rise to highest since 2014 on global crop concern




File photo of a corn field in Russia's Omsk region


© Reuters/ALEXEY MALGAVKO
File photo of a corn field in Russia’s Omsk region


Por Tom Polansek

CHICAGO, U.S., Oct 16 (Reuters) – U.S. wheat futures hit their highest prices in nearly six years on Friday as dry weather in the world’s major producing regions fueled supply concerns.

* Corn futures fell after hitting a 14-month high on prospects for strong sales to China, while soybeans also fell.

* Operators are closely monitoring wheat fields as dryness threatens production in Argentina, the plains of the United States and the Black Sea region.

* Buying by commodity funds helped support gains in the market, analysts say, with the Chicago Board of Trade’s (CBOT) busiest contract increasing 15% over the past month.

* “The wheat market has been incredibly resilient this week,” said Matt Wiegand, Commodity Broker at FuturesOne. “Every time he has tried to go down, he has come back up.”

* The most active December wheat futures contract rose 7 cents to $ 6.2525 per bushel on the CBOT, after trading at $ 6.3075, the highest price since December 2014.

* Corn futures fell 1.75 cents to $ 4.02 per bushel, after hitting $ 4.09, its highest level since August 2019. Soybean futures fell 12.25 cents to $ 10.50 per bushel. bushel, after rising last week to a high since March 2018.

* Concerns about dry weather in Brazil, the world’s leading soybean exporter, have recently supported oilseed futures. However, more consistent rains are likely to benefit northern crops, according to Commodity Weather Group.

(Reporting by Tom Polansek in Chicago, Colin Packham in Sydney and Sybille de La Hamaide in Paris; Edited in Spanish by Javier López de Lérida; Editing by David Goodman, Tom Brown and Richard Chang)

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