Wheat, corn, soy futures set record highs
February 26, 2008
by Ron Sterk
KANSAS CITY — Wheat futures in Kansas City, Minneapolis and Chicago, and corn, soybean and soybean oil futures in Chicago set new record highs this week.
The all-time high for any wheat futures contract was established Monday during trading in spring wheat futures at the Minneapolis Grain Exchange. The close of $24 a bu, and the intra-day high of $25, easily eclipsed any previous record. With daily trading limits removed, the Minneapolis March contract surged $4.75 a bu on Monday. It closed today at $22.40 a bu, down $1.60.
But other wheat futures set new highs today, including the Kansas City Board of Trade May contract, which closed at $12.65 a bu, the Chicago Board of Trade May contract at $12.14½ and Minneapolis May at $18.43¼.
Old crop wheat contracts traded up their expanded 90c-a-bu daily limit in Chicago and Kansas City and $1.35 limit in Minneapolis today. Those limits will be expanded to $1.35 in Chicago and Kansas City and to $2.02½ in Minneapolis for trading on Wednesday.
Supplies of spring wheat and high protein hard winter wheat have been historically tight, while domestic and export demand has been strong.
New record highs also were set in soybeans and soybean oil futures in Chicago today and in corn futures on Monday.