The futures contracts of wheat From USA rose to multi-year highs on Thursday, with gains fueled by concerns over tight global supply and strong demand for export.
Winter wheat futures were supported by concerns about crop conditions and rainy weather in the eastern US Midwest, which may have prevented farmers from sowing the planned area.
The most active contract for red soft winter wheat has peaked since February 2013, while Kansas hard red winter wheat has peaked since May 2014.
“I admit it’s still early in the year, but there’s a lot of wheat that’s not very good,” said Mark Schultz, chief analyst at Northstar Commodity.
Wheat gains supported futures in the corn, which reached its third consecutive day of earnings. The most active contract has touched its maximum since August 17th.
A Soy it fell, pressured by weakness in oil futures and disappointing export sales.
On the Chicago Board of Trade, red soft winter wheat for December closed up 12.75 cents at $7.7250 a bushel.
Soybeans for January were down 3.75 cents at $12.46 a bushel and corn for December was up 5.50 cents at $5.6275 a bushel.
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