Thursday, December 13, 2007

Wheat Finishes Limit Up in Market Yesterday

The strong commodity markets are very good signs for production agriculture. In east-central Illinois wheat isn't as prevelant as 30 years ago, but with prices like these it could make a come back.

U.S. wheat futures sailed limit up Wednesday, with
nearby Kansas City Board of Trade and Minneapolis Grain Exchange contracts
setting new all-time highs amid little overhead resistance, traders said.

Chicago Board of Trade March wheat ended up 30 cents at $9.40 1/2 per bushel.
Kansas City Board of Trade March wheat closed up 30 cents at $9.81 3/4, and
Minneapolis Grain Exchange March wheat was up 30 cents at $10.37.

There were few sellers who stepped out in front of the rally, and several
commission house buy stops were hit at the CBOT, which accelerated gains, a
CBOT floor trader said. Commodity funds bought an estimated 4,000 contracts at
the CBOT.

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