Forexpros – Wheat futures were up for the first time in four days on Tuesday, rebounding from a six-week low as adverse weather conditions in the U.S. threatened to further delay planting of winter-wheat crops.
On the Chicago Mercantile Exchange, wheat futures for December delivery traded at USD6.8362 a bushel during European morning trade, surging 1.65%.
It earlier rose as much as 1.68% to trade at USD6.8375 a bushel.
The U.S. Department of Agriculture said in its weekly crop progress report published after markets closed Monday that approximately 14% of the U.S. winter-wheat crop was planted as of September 19, compared to 19% in the same week a year earlier and below the five-year average of 20%.
In Kansas, the second largest U.S. winter-wheat growing state, nearly 8% of the crop was planted, compared to the five-year average of 10% for this time of year.
Winter-wheat crops planted in Texas rose to 8% from 2% a week earlier, but were still significantly below the five-year average of 21%, as dry weather conditions weighed on crop progress. Texas is the fifth largest wheat growing state in the U.S.
Industry weather group Telvent DTN said in a report on Monday that wheat-growing regions across the U.S. Midwest will be mostly dry and cool until late-September, the firm’s six-to-ten-day forecast showed.
Wheat futures found further support after the USDA said that wheat exports inspected at U.S. ports last week rose to 33.3 million bushels, nearly double the amount exported a week earlier.
The U.S. is the world’s third largest wheat producer and the biggest exporter of the grain.
Elsewhere on the Chicago Mercantile Exchange, corn for December delivery jumped 1.15% to trade at USD7.0113 a bushel, while soybeans for November delivery rose 0.94% to trade at USD13.4863 a bushel.
Corn is the biggest U.S. crop, valued at USD66.7 billion in 2010, followed by soybeans at USD38.9 billion, government figures show. Wheat was fourth at USD13 billion, behind hay.
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