Wheat futures in Chicago probably will rally 7.6 percent in the next month after closing above the 100-day moving average twice last week, according to a technical analysis by Toay Commodity Futures Group LLC.
Cash premiums for corn and soybeans shipped to export terminals near New Orleans were unchanged relative to Chicago futures as U.S. farmers slowed sales, curbing available supplies, on speculation prices will rise.
Cash premiums for corn shipped to export terminals near New Orleans this month increased against futures as farmers withheld supply, betting tight supply will revive the rally in prices. Soybean premiums were steady.
Cash premiums for corn shipped this month to terminals near New Orleans narrowed relative to Chicago futures on rising deliveries to elevators for shipment down the Mississippi River. Soybean premiums rose.
Cash premiums for corn shipped in April to terminals near New Orleans rose relative to Chicago futures after the U.S. government said domestic inventories fell to a four-year low. The soybean basis declined as demand shifted to supplies from South America.