May 17, 2019 / 7:04 PM / 7 months ago

CBOT wheat futures slip on profit taking after earlier jump on weather concerns

    CHICAGO, May 17 (Reuters) - An early rally in Chicago Board
of Trade wheat futures on Friday sparked a wave of profit-taking
late in the trading session, but they ended the week on a strong
positive note due to bullish news on weather-related concerns
and spillover strength from corn, traders said.
    
    * Traders said wheat market also reacting to worries that
excess moisture could hamper sowing of spring wheat in the
northern Great Plains, as well as potentially cause disease
problems for the final growth stages of winter wheat.
    * CBOT July soft red winter wheat settled down 2 cents
at $4.65 per bushel, after hitting a high of $4.73-1/4 during
the day, the highest price seen since March 4.
    * The CBOT July contract ended the week up 9.47%,
breaking a five-week-straight weekly decline.
    * K.C. July hard red winter wheat on Friday settled
up 3-1/2 cents at $4.20-1/4 a bushel, while MGEX July spring
wheat ended the day up 1 cent to $5.27-3/4.
    * U.S. corn futures extended their rally on Friday, jumping
to a four-month high, as forecasts of heavy rain sweeping a wide
path across the U.S. Midwest next week fueled concerns about
worsening planting delays.
    * Showers over the next 10 days are threatening to further
slow planting from the Dakotas to Illinois, regions that have
endured torrential rain this spring, the Commodity Weather Group
said on Friday in a note to clients.
    * Traders said they will be closely watching the U.S.
Department of Agriculture's next crop progress update on Monday
to see whether farmers made much headway during relatively drier
conditions earlier this week.
    * The United States and Canada on Friday announced a deal to
remove tariffs on Canadian steel and aluminum in exchange for
new curbs to keep dumped metals from China and other countries
out of the United States, paving the way for a similar pact with
Mexico.
    
                   Last    Net    Pct     Low    High  Volume
                          chng   chng                  
 WHEAT SRW JUL9  465.00  -2.00   -0.9  462.50  473.25   71721
 WHEAT SRW SEP9  471.25  -2.25   -1.0  469.00  479.25   22776
 WHEAT HRW JUL9  420.25   3.50    0.2  415.50  425.50   27488
 WHEAT HRW SEP9  431.00   3.25    0.1  426.25  436.25   13280
 SPG WHT JUL9    527.75   1.00    0.2  525.75  543.75    3137
 SPG WHT SEP9    536.75   1.00    0.2  534.75  553.00    2448
 
 (Reporting by P.J. Huffstutter
Editing by James Dalgleish)
  
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