Wheat on CBOT fell after six-week high

Wheat futures on the Chicago Board of Trade (CBOT) fell after rising to a six-week high on Monday as concerns about the impact of cold weather on crops in the United States and Russia eased somewhat, The Western Producer м.

Corn and soybean futures also fell after hitting multi-week highs.

Traders focused on weather conditions as temperatures remained extremely cold after a powerful winter storm that hit the United States over the weekend. The extreme cold likely damaged winter wheat crops in much of Nebraska, northwest Kansas and northeast Colorado, weather company Vaisala said.

At the same time, snow benefited winter wheat in other regions, increasing soil moisture levels and providing a protective cover from severe frosts, forecasters said.

“We got more snow than we expected,” said U.S. Commodities President Don Rus.

The significant snowpack in Russia also eased concerns about possible serious damage to fields due to severe frosts.

The most active CBOT wheat contract (Wv1) fell 7 cents to $5.22½ a bushel, after earlier rising to $5.33¼, the highest level since December 12.

“Frost, snow and ice covered much of the U.S. over the weekend, putting some of the winter wheat crop at risk. It will take time to assess the real damage,” said analytical platform CM Navigator.

In the Ukrainian wheat market, both the demand and supply sides remain weak. Processors have sufficient levels of raw materials, and exporters are mostly setting nominal prices and are in no hurry to conclude new deals.

Tags: prices, wheat