Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Wheat Rises to 5-Week High as Rain May Limit U.S. Seeding

March 27 (Bloomberg) -- Wheat rose to a five-week high on speculation that planting of spring varieties in the U.S. will be limited by cold, wet weather in the northern Great Plains. Corn reached a seven-week high, and soybeans gained.

A flood warning is in effect in some regions of North Dakota, the largest U.S. grower of spring wheat, according to the National Weather Service. In the southern Plains, drought conditions are threatening crops in parts of Texas, Kansas and Oklahoma, government data show. Analysts expected planting of all wheat varieties to rise 1 percent to 56.32 million acres in 2013, a Bloomberg survey showed last week.

Seeding “could come in below expectations due to the unfavorable weather that we’ve been seeing in the northern spring-wheat states,” Terry Reilly, a senior commodity analyst at Chicago-based Futures International LLC, said in a telephone interview. “The outlook calls for a wet and cold bias for the northern spring-wheat states, and some producers may take that into account and switch over to other crops, such as hay.”

Wheat futures for May delivery added 0.7 percent to close at $7.3675 a bushel at 2 p.m. on the Chicago Board of Trade, after touching $7.4075, the highest for a most-active contract since Feb. 21. Prices are up 3.1 percent this month.

Corn futures for May delivery advanced 0.7 percent to $7.3525 a bushel in Chicago, after reaching $7.3775, the highest for a most-active contract since Feb. 4. Prices are up 4.5 percent this month.

Soybean futures for May delivery rose 0.4 percent to $14.5375 a bushel on the CBOT.

To contact the reporters on this story: Katia Dmitrieva in Toronto at edmitrieva1@bloomberg.net; Tony C. Dreibus in Chicago at tdreibus@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.