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Wheat Soars in Chicago on US Production Cuts; soy falls

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The most active wheat contract rose 25.25 cents to $9.2150 a bushel after hitting $9.4575 a bushel (Image: Pixabay)

O wheat soared on the Chicago Stock Exchange on Friday, supported by a drastic cut in production estimates from USA fur US Department of Agriculture (USDA) and the annexation of parts of the Ukraine for the Russiafollowed by increased US sanctions.

Corn rose on lower-than-expected US inventories, while soybeans tumbled after the USDA noted a rise in oilseed stocks.

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The most active wheat contract rose 25.25 cents to $9.2150 a bushel after hitting $9.4575 a bushel, the highest since July 11. For the week, the contract gained 4.66%, its biggest weekly gain since Sept.

Corn rose 8 cents to 6.7750 a bushel after rising to $6.9625, its highest level since Sept. 21.

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The soybean contract lost 46 cents to close at $13.6475 a bushel, the lowest since Aug. 4, posting a 4.28% weekly decline, the biggest since the week ended June 24 this year.

The 2022 U.S. wheat harvest was smaller than previously forecast, the USDA said in its annual Small Grain Summary, lowering the U.S. wheat crop valuation to 1.650 billion bushels.

That compared with an average analyst estimate of 1.778 billion bushels in a Reuters poll and 1.783 billion bushels in the USDA’s August valuation.

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Source: Moneytimes

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