Commodity Blog

Wheat gained today amid speculations that demand might increase with shortage of corn. U.S. farmers sowed less acreage with corn than was predicted. Corn is competing grain used to feed livestock, therefore shortage of corn boosts wheat. September futures for wheat delivery gained $0.075 (1.6 percent) to $4.8775 per bushel as of 10:01 on CBoT.

Orange-juice futures rose to the highest level in 15 weeks as hurricanes threaten to damage citrus harvest this season in Florida. According to government’s forecasts, orange crop in Florida would drop to 133.6 million boxes in the harvest ending in July from 162.5 million boxes in the previous season. Speculator increased their net-long positions as of June 22nd by 26 percent from the previous week. September delivery for orange juice added $0.0015 (0.1 percent) to $1.485 per pound by 12:07 on ICE.

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