Agriculture News
Wheat futures gapped lower overnight after limit-down closes on Wednesday and sharply extended losses. But wheat filled the gaps and is trading higher this morning, as are corn and soybeans.
Short-term chart trends turn bearish for live cattle and feeder cattle.
The most actively traded winter wheat contracts are up their new 85-cent daily trading limit, while May and July spring wheat futures are up their 60-cent limit. Corn and soy complex futures are also sharply higher.
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Surging prices rekindle food vs. fuel debate
Winter wheat futures locked up their 75-cent daily trading limit overnight, while spring wheat rose its 60-cent limit. Corn traded sharply higher, while soybeans posted just slight gains.
Cotton, beef and pork export sales increase
May contracts for all three wheat markets topped $11 overnight, though HRS futures have since retreated below that level. Soybeans are firmer, while corn is mostly higher this morning.
SRW wheat basis firmed and HRW basis didn’t drop too much given the surge in futures.