Wheat rebounds on short covering, global weather worries
Updates with closing U.S. prices
By Renee Hickman
CHICAGO, July 19 (Reuters) -Chicago Board of Trade wheat futures climbed on Friday on short-covering and concerns over weather in wheat-growing areas of the U.S. Plains and globally.
Corn futures ended modestly lower and soybean futures fell, pressured by favorable crop weather in the U.S. Midwest that supported expectations of plentiful harvests. But both markets stayed above four-year lows set this week.
On the CBOT, most-active wheat futures Wv1 ended up 7-1/2 cents at $5.42-3/4 a bushel. CBOT corn Cv1 closed 1/4 cent lower at $4.04-3/4 a bushel and benchmark soybeans Sv1 ended down 7 cents at $10.36 a bushel.
Global wheat export business increased this week after CBOT wheat futures Wv1 fell to a four-month low and approached a four-year low. GRA/TEND
"We're really seeing what happens when you take prices down to multi-year lows and get a little bit of an oversold condition," said Arlan Suderman, chief commodities economist at StoneX. "Producers quit selling and you start seeing value at this price."
Suderman said wheat led the way up on Friday due to concerns about hot, dry weather in the U.S. Northern Plains and spring wheat belt, as well as the Canadian Prairies and the Russian spring wheat belt.
Some 12% of the U.S. spring wheat crop was located in a drought area as of July 16, up from 7% the prior week, the U.S. Department of Agriculture said this week.
In France, the condition of soft wheat crops fell sharply last week to an eight-year low and harvesting remained well behind the usual pace, data from farm office FranceAgriMer showed, as rain fell in already soggy grain belts.
Meanwhile, crop weather in the U.S. Corn Belt has been generally beneficial, said Terry Reilly, senior agricultural strategist at Marex, bolstering expectations of large U.S. corn and soybean harvests.
In corn, Reilly said demand is very good, but supply is ever growing. The International Grains Council on Thursday raised its forecast for 2024/25 world corn production by 2 million metric tons to 1.225 billion tons
Additionally, he said, Friday's worldwide cyber outage could have caused some money to move into commodities as the equities market was rattled.
Reporting by Renee Hickman in Chicago
Additional reporting by Peter Hobson and Sybille de La Hamaide
Editing by Matthew Lewis
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