Agricultural futures

WHEAT for delivery in May climbed 0.7 percent to $4.52 a bushel (R2 175 a ton) on the Chicago Board of Trade yesterday afternoon.

“There could be pre-positioning occurring ahead of the USDA’s outlook forum later this week, as funds buy ahead of the planting report,” Charles Clack, an analyst at Rabobank International in London, said.

“The chances of a downward acreage revision on Friday, versus USDA’s baseline projection at 48.5 million acres, far outweighs that of a revision higher,” he said.

May maize rose 0.3 percent to $3.77 a bushel. – Bloomberg