CBOT Wheat Jumps 2.8% to $6.36 Ahead of USDA Report as Traders Brace for Supply Surprise
Updated
Updated · MarketWatch · May 11
CBOT Wheat Jumps 2.8% to $6.36 Ahead of USDA Report as Traders Brace for Supply Surprise
3 articles · Updated · MarketWatch · May 11
July wheat climbed 2.8% to $6.36 a bushel on the Chicago Board of Trade, outpacing corn and soybeans before Tuesday's USDA WASDE report.
Traders expect the report to show tighter U.S. wheat supplies, but analysts said any larger-than-expected crop or stock figure could quickly trigger selling.
July corn rose 0.7% to $4.74 1/2 and July soybeans added 0.3% to $12.11, with soybeans also supported by hopes the Trump-Xi summit could lift U.S. export sales.
Fund positioning has raised the stakes: CFTC data showed money managers added nearly 62,000 corn longs and almost 42,000 soybean longs in the latest week, leaving grains vulnerable to sharp moves from the USDA report and trade headlines.
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