Price Report - May 27, 2016
Technical buying and short-covering ahead of the U.S. holiday weekend drove wheat futures higher this week. Support also came from speculation that wheat could be used in U.S. animal feed this year after the nearby KCBT wheat-CBOT corn spread fell to $0.47/bu on Friday, the lowest level in 3 years and down 57% from January. CBOT July wheat added 14 cents to $4.81/bu, KCBT grew 11 cents to $4.60/bu and MGEX increased 2 cents to $5.28/bu. CBOT July corn climbed 18 cents to $4.13/bu and CBOT July soybeans rose 12 cents to $10.86/bu.