• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Wheat Futures Finish Mixed

Posted on: Wednesday, 5 April 2006, 06:00 CDT

By Victoria Sizemore Long, The Kansas City Star, Mo.

Apr. 5--Kansas City wheat closed mixed Tuesday and Chicago wheat higher, partly in a recovery from recent declines.

Chicago corn and soybeans closed lower, pressured partly by large supplies.

Kansas City Value Line stock index futures advanced.

During Tuesday morning's trade, open outcry activity at the Chicago Board of Trade was halted because of technical problems. The problems were with the exchange's data feed that kept quotes from leaving the exchange and complicated some intermarket dealings.

The Kansas City Board of Trade continued trading, although volume was light because of the intermarket problems. Pit trading in Chicago resumed later in the morning.

Wheat futures got some support from short covering following recent declines. But the gains were limited, and in some contracts offset, by improved growing conditions for the U.S. winter wheat crop. In an update Monday, the U.S. Department of Agriculture said 38 percent of the crop in leading U.S. producer Kansas was in good to excellent condition as of Sunday, up from 26 percent a week ago.

Growing conditions in wheat producers Oklahoma and Texas also improved because of recent moisture, although traders said more rain was needed, especially in the Texas Panhandle.

Corn futures were pressured by a technical setback amid overbought conditions and by beneficial rain in growing areas.

Traders said there were prospects for a good U.S. corn crop this year despite a reduction in corn acreage. They said recent rain in the Midwest had improved soil moisture reserves and buoyed prospects for seeding this year's crop.

Soybean futures were pressured by current ample supplies and expectations for a large U.S. crop this year. Expectations for a large South American soybean crop also continued to hang over the U.S. market.

To reach Victoria Sizemore Long, call (816) 234-4374 or send e-mail to vlong@kcstar.com .

-----

Copyright (c) 2006, The Kansas City Star, Mo.

Distributed by Knight Ridder/Tribune Business News.

For information on republishing this content, contact us at (800) 661-2511 (U.S.), (213) 237-4914 (worldwide), fax (213) 237-6515, or e-mail reprints@krtinfo.com.

Source: The Kansas City Star (Kansas City, Missouri)

More News in this Category