{"id":60611,"date":"2021-11-23T06:49:35","date_gmt":"2021-11-23T11:49:35","guid":{"rendered":"https:\/\/olduvai.ca\/?p=60611"},"modified":"2021-11-23T06:49:35","modified_gmt":"2021-11-23T11:49:35","slug":"wheat-soars-to-9-year-peak-on-supply-concerns-strong-demand","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=60611","title":{"rendered":"Wheat soars to 9-year peak on supply concerns, strong demand"},"content":{"rendered":"
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Wheat soars to 9-year peak on supply concerns, strong demand<\/a><\/h3>\n<\/div>\n<\/div>\n<\/header>\n
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CHICAGO, Nov 22 (Reuters) – U.S. wheat futures rallied to their highest in nearly nine years on Monday as ill-timed rains in Australia and rising Russian wheat prices stoked concerns about tightening supplies among the world’s top exporters.<\/p>\n

Corn and soybeans followed wheat higher, with additional support from a waning U.S. harvest and strong domestic demand from ethanol makers and soy processors.<\/p>\n

“The demand continues to equal or outstrip the supply in the short term,” said Don Roose, president of U.S. Commodities.<\/p>\n

“The wheat market’s leading the charge. It was hit with weather that is too wet in Australia and a little too dry in the U.S. Plains, shipping issues in southwest Canada and issues around export taxes in Russia,” Roose said.<\/p>\n

Chicago Board of Trade March soft red winter wheat was up 23-1\/4 cents at $8.57-1\/2 a bushel after peaking at $8.59-1\/2, the highest for a most-active contract since December 2012. All futures months hit new contract highs.<\/p>\n

K.C. hard red winter wheat futures also posted across-the-board contract highs, with the March contract ending 28 cents higher at $8.66-1\/2 a bushel.<\/p>\n

Wheat prices in Russia rose for a fifth straight week last week on strong demand. Shipments from the world’s largest exporter are down 34% this season due to a smaller crop and rising export taxes.<\/p>\n

Heavy rains, meanwhile stalled harvesting in Australia and threatened crop quality, while flooding in western Canada has disrupted exports when global demand for wheat has risen.<\/p>\n

Robust domestic demand for corn and soybeans amid strong margins at ethanol plants and soy crush facilities underpinned futures prices.<\/p>\n

CBOT December corn gained 6 cents to $5.76-3\/4 a bushel, while January soybeans added 11 cents to settle at $12.74-1\/4 a bushel.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Wheat soars to 9-year peak on supply concerns, strong demand CHICAGO, Nov 22 (Reuters) – U.S. wheat futures rallied to their highest in nearly nine years on Monday as ill-timed rains in Australia and rising Russian wheat prices stoked concerns about tightening supplies among the world’s top exporters. Corn and soybeans followed wheat higher, with […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[15374,426,32206,683,30926,875],"class_list":["post-60611","post","type-post","status-publish","format-standard","hentry","category-economics","tag-consumer-price-inflation","tag-inflation","tag-karl-plume","tag-reuters","tag-supply-vs-demand","tag-wheat"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=60611"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60611\/revisions"}],"predecessor-version":[{"id":60612,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60611\/revisions\/60612"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}