Weather improves US wheat, maize prospects – HGCA

FAVOURABLE weather as the week ended saw conditions improve for spring wheat plantings and many areas where the wheat is in its reproductive stage.

CBOT July and September wheat futures, however, ended the week slightly higher, closing Friday at $99.80/t and $103.60/t.

The weather was also seen as ideal for maize sowings. The latest US Department of Agriculture crop report put maize plantings 72% complete, down on last years 89% but slightly ahead of the five year average of 71%.

CBOT maize values ended the week over $1 higher for most positions.

THE US Federal Reserve cut benchmark interest rates by 0.5% to 4% on Tuesday (15 May).

Rates started 2001 at 6.5%, and with the latest of five cuts implemented this year, rates are now almost 40% lower.