Wheat Futures Jump Most in Four Weeks as U.S. Export Sales Surge
Wheat rose the most in four weeks as export sales surged to the highest in almost two years in the U.S., the world’s biggest shipper. Corn and soybeans climbed.
29 December, 2012
Exporters sold 1 million metric tons of wheat in the week ended Dec. 20, the most since Jan. 13, 2011, and the fourth straight weekly increase, government data showed today. Prices have fallen 9.8 percent this month, boosting the appeal of U.S. supplies for overseas buyers, said Brian Hoops, the president of Midwest Market Solutions.
“This is something we’ve not seen from the wheat market for a while, in terms of export business,” Hoops said in a telephone interview from Springfield, Missouri. “It’s an indication we’re at a level where we’re going to stimulate demand.”
Wheat futures for March delivery climbed 0.8 percent to settle at $7.7875 a bushel at 2 p.m. on the Chicago Board of Trade, the biggest advance since Nov. 27. The price is up 19 percent this year, the largest gain among the 24 commodities tracked by the Standard & Poor’s GSCI Spot Index.
Corn futures for March delivery rose 0.4 percent to $6.94 a bushel in Chicago. The price has dropped 7.8 percent in December, heading for the largest monthly decline since May.
Soybean futures for March delivery added 0.3 percent to $14.18 a bushel on the CBOT.
Corn is the biggest U.S. crop, followed by soybeans, hay and wheat, U.S. government data show.