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Wheat Futures Jump as USDA Cuts Production Forecast

Thursday, 12 Aug 2010 11:56 AM

Wheat futures popped Thursday on the Chicago Board of Trade after the U.S. Department of Agriculture cut its production forecast for the 2010-11 season because of the destroyed crops from severe drought in Russia and bad weather in northwestern Europe.

The USDA expects world wheat production of 680.30 million metric tons this season, down 2.3 percent from its July forecast of 661.07 million metric tons.

Wheat for December delivery jumped 14 cents to $7.39 a bushel.

Other grains traded mixed. December corn added 2.5 cents to $4.135 a bushel; December oats were flat at $2.82 a bushel; while soybeans for November delivery fell 3 cents to $10.125 a bushel.

Beef and pork futures mostly fell on the Chicago Mercantile Exchange.

October live cattle shed 0.25 cent to 95.10 cents a pound; October feeder cattle dropped 0.52 cent to $1.1270 a pound; October lean hogs jumped 0.95 cent to 74.60 cents a pound; and February pork bellies fell 2.6 cents to 105.40 cents a pound.

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Wheat futures popped Thursday on the Chicago Board of Trade after the U.S. Department of Agriculture cut its production forecast for the 2010-11 season because of the destroyed crops from severe drought in Russia and bad weather in northwestern Europe.The USDA expects world...
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