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CBOT wheat soars on short covering, weather worries

ReutersFeb 14, 2025 8:20 PM

- Chicago Board of Trade wheat futures soared on Friday to their highest price since October, with analysts citing support from blistering cold weather in the Black Sea and U.S. Plains regions that prompted short covering.

  • CBOT March soft red winter wheat WH25 settled up 22-1/4 cents to $6 per bushel.

  • K.C. March hard red winter wheat KWH25 ended up 23 cents at $6.21-1/4 per bushel.

  • Minneapolis March spring wheat MWEH25 rose 16-3/4 cents to $6.33-1/2 per bushel.

  • Grain and soy futures were broadly supported by an easing dollar and investor relief that U.S. President Donald Trump did not immediately impose reciprocal tariffs globally, analysts said.

  • Cold temperatures in Russian and U.S. hard red winter wheat areas could cause freeze damage to dormant crops that will miss out on a layer of insulating snow coverage, traders said. Russia is the world's biggest wheat exporter.

  • In France, the soft wheat crop has already worsened sharply since December, data from farm office FranceAgriMer showed.

  • Supply concerns have prompted commodity funds, which hold a large net short position in wheat, to cover their short positions, traders said.

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