Wheat Futures Finish Mixed
Amid Slow Harvest
August 05, 2024 07:41 PM EDT
Wheat futures closed mixed Monday, reversing earlier weakness and mirroring the trend in other grain markets. The winter wheat contracts led the way, with strong gains in the nearby contracts.
The wheat complex ended the day with mixed action, with the hard wheat leading the way. The most active CBOT wheat contract, the December contract, settled 4 cents higher at $7.64 per bushel. The KCBT hard red winter wheat contract also gained, finishing 3 cents higher at $8.03 per bushel.
The weakness earlier in the day was due to concerns about the slow harvest progress in the United States. The harvest is about two weeks behind the five-year average due to wet weather conditions. The slow harvest is putting pressure on wheat prices as supplies are not being replenished as quickly as usual.
However, the market reversed course in the afternoon as traders bought the dip. The gains were supported by strong export demand from China and other countries.
Comments