Original title: U.S. wheat futures rose to a six-week high due to tighter supplies in the U.S. Source: Wenhua Finance
Wenhua Finance (Comprehensive Compilation Li Zhiwei)-According to foreign news on October 1, Chicago Board of Trade (CBOT) wheat futures rose again on Friday, and the benchmark December contract hit a six-week high due to a report released by the US Department of Agriculture on Thursday. Shows that the US wheat supply has fallen to its lowest level since 2007, and wheat production hit its lowest level in 19 years.
The December soft red winter wheat contract on CBOT rose 29-3/4 cents to settle at US$7.55-1/4 per bushel. The contract rose to US$7.55-3/4 per bushel in intraday trading, the highest level of the contract since August 17.
This week the contract has risen by more than 4%, marking the third consecutive week of weekly gains.
The Kansas Futures Exchange (KCBT) December hard red winter wheat contract rose 27-3/4 cents and settled at $7.59-1/2 per bushel.
The Minneapolis Grain Exchange (MGEX) December hard red spring wheat contract rose 16-1/2 cents to settle at $9.29 per bushel.
Analysts said global supply has shrunk due to pressure from crop weather in Canada and Russia.
The U.S. Department of Agriculture announced on Thursday that the total U.S. wheat output in 2021 is estimated at 1.646 billion bushels, which is 10% lower than the 1.83 billion bushels in 2020. All wheat stocks in the United States for the September 1 season were 1,779,938 million bushels, the lowest level since the same period in 2007. The previous market estimate was 1.852 billion bushels, compared with 2.157825 billion bushels in the same period last year.
Euronext’s benchmark December wheat futures rose by 2.5% to 264.50 euros per ton, supported by the US Department of Agriculture’s quarterly grain inventory report and the weakening of the euro, and European wheat export demand is relatively stable.
The estimated trading volume of CBOT wheat futures today is 136,040 lots.
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