Wheat, corn down 3-4 cents, soybeans up 2-4
NOTE: The U.S. Department of Agriculture's quarterly acreage and grains stocks reports will be released at 11 a.m. CT.
Wheat - Down 3 to 4 cents per bushel
CBOT wheat tipped lower on favorable supply prospects and ongoing harvests in the United States and key exporting countries.
The International Grains Council raised its 2025-26 world wheat crop forecast by 2 million metric tons to 808 million on Thursday.
The European Commission increased its forecast for the EU's soft wheat crop. Germany's farming association on Monday also forecast a larger grains crop for the country despite a spring drought.
CBOT September soft red winter wheat was last down 3-1/4 cents to $5.37-1/2 per bushel. K.C. September hard red winter wheat was last down 2-1/2 cents to $5.31-1/4 per bushel, and Minneapolis September spring wheat was last down 3/4 cent to $6.23-1/4 per bushel.
Corn eases on supply hopes, soybeans rise ahead of US reports
Corn - Down 3 to 4 cents per bushel
CBOT corn fell on expectations of ample global supplies.
Warm weather and favorable rains have created ideal growing conditions for soybeans and corn in the U.S. Midwest, while farmers in Brazil are expected to harvest a bumper second corn crop.
CBOT December corn was down 3-1/4 cents at $4.08-1/4 per bushel.
Soybeans - Up 2 to 4 cents per bushel
CBOT soybeans edged higher on strengthening soyoil prices as well as positioning ahead of the U.S. Department of Agriculture acreage, stock and crop progress reports due later on Monday.
The dollar remained on the back foot, hovering near its lowest level in 3-1/2 years. A lower dollar makes U.S. goods more competitive in the global market.
Ideal growing weather in the U.S. Midwest continues to add pressure to soy futures.
U.S. exporters sold 204,000 metric tons of soybean meal to unknown destinations for 2025/26 delivery.
CBOT November soybeans were last up 6 cents to $10.30-3/4 per bushel.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
40 minutes ago
- Business Recorder
Wheat and corn down 2-3 cents, soy up 7-9
CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Wednesday. Wheat - Down 2 to 3 cents per bushel CBOT wheat fell on pressure from the active harvests in the U.S. and the Black Sea, which are expected to be sizeable. However, the wheat market is underpinned by short-covering and bargain-buying after last week's deep losses, with prices trading close to multi-year lows reached in May. CBOT September soft red winter wheat was last down 3-1/4 cents to $5.45-3/4 per bushel. K.C. September hard red winter wheat was last down 2-1/4 cents to $5.29 per bushel, and Minneapolis September spring wheat was last down ¼ cent to $6.26-3/4 per bushel. Corn - Down 2 to 3 cents per bushel CBOT corn eased on Wednesday to remain near contract lows as favorable crop weather was expected to continue in the U.S. Midwest, reinforcing the prospect of a bumper harvest. Wheat up 2-4 cents, corn down 5-7, soy down 8-10 With a mix of showers and warm, mild weather set to continue, traders currently see limited threats to corn crops as they approach the crucial pollination stage. Upcoming rains will minimize dryness in the U.S. Midwest, an analyst note said. Meanwhile, rival exporter Brazil is harvesting what some analysts anticipate will be a record second-corn crop. CBOT December corn was down 2-3/4 cents to $4.03-1/4 per bushel. Soybeans - Up 7 to 9 cents per bushel CBOT soybeans ticked higher on short covering ahead of the Fourth of July holiday weekend as well as strengthening soyoil futures. Soyoil futures rose after a tax-cut and spending bill adopted by the U.S. Senate included a measure to restrict biofuel credits to North American feedstock. However, expectations of ample supplies have also weighed on the soybean market. CBOT November soybeans were last up 6-1/2 cents to $10.33-3/4 per bushel.
Business Recorder
an hour ago
- Business Recorder
Oil prices rise as Iran suspends cooperation with UN nuclear watchdog
LONDON: Oil futures edged up on Wednesday as Iran suspended cooperation with the U.N. nuclear watchdog and markets weighed expectations of more supply from major producers next month while the U.S. dollar softened further. Brent crude added 92 cents, or 1.4%, to $68.03 a barrel at 1125 GMT, while U.S. West Texas Intermediate crude rose 89 cents, or 1.4%, to $66.34 a barrel. Brent has traded between a high of $69.05 a barrel and low of $66.34 since June 25, as concerns of supply disruptions in the Middle East producing region have ebbed following the ceasefire between Iran and Israel. Iran put into effect a law on Wednesday that stipulates that any future inspection of its nuclear sites by the International Atomic Energy Agency needs approval by Tehran's Supreme National Security Council. The country has accused the institution of siding with Western countries and providing a justification for Israel's air strikes. 'The market is pricing in some geopolitical risk premium from Iran's move on the IAEA,' said Giovanni Staunovo, commodity analyst at UBS. 'But this is about sentiment, there are no disruptions to oil.' Planned supply increases by the Organization of the Petroleum Exporting Countries and its allies including Russia, know as OPEC+, appear already priced in by investors and are unlikely to catch markets off-guard again imminently, said Phillip Nova senior market analyst Priyanka Sachdeva. Four OPEC+ sources told Reuters last week the group plans to raise output by 411,000 barrels per day next month when it meets on July 6, a similar amount to hikes agreed for May, June and July. Oil rises on signs of strong demand, investors await OPEC+ output decision 'We are all talking about additional supply coming to the market, but the supply has not really hit the market,' Staunovo said. 'Probably because it's being consumed domestically.' Saudi Arabia lifted shipments in June by 450,000 bpd from May, according to data from Kpler, its highest in more than a year. However, overall OPEC+ exports are relatively flat to slightly down since March, Staunovo said. He expects this to persist over the summer as hot weather drives higher energy demand. The greenback continued to weaken, falling to a 3-1/2-year low against major peers earlier on Wednesday. A weaker dollar tends to support oil prices, as it could boost demand for buyers paying in other currencies. U.S. non-farm payrolls data due on Thursday will shape expectations around the depth and timing of interest rate cuts by the Federal Reserve in the second half of this year, said Tony Sycamore, analyst at IG. Lower interest rates could spur economic activity which would in turn boost oil demand. Official U.S. oil stockpile data from the Energy Information Administration is due Wednesday at 10:30 a.m. ET. American Petroleum Institute data late on Tuesday showed U.S. crude oil inventories rose by 680,000 barrels in the past week at a time when stockpiles typically draw amid the summer demand season, sources said.
Business Recorder
2 hours ago
- Business Recorder
Corn stuck near lows on supply pressure
PARIS/SINGAPORE: Chicago corn eased on Wednesday to remain near contract lows as favourable crop weather was expected to continue in the U.S. Midwest, reinforcing the prospect of a bumper harvest. September corn on the Chicago Board of Trade was down 0.4% at $4.04-1/2 a bushel by 1132 GMT, holding near Tuesday's contract low of $4.00-1/4. New-crop December futures were 0.5% down at $4.20, also just off a Tuesday's low of $4.16-1/2. The U.S. Department of Agriculture surprised the market in a report on Monday, which showed better-than-anticipated corn crop conditions that were the best since 2018 for the time of year. With a mix of showers and warm weather set to continue, traders currently see limited threats to corn crops as they approach the crucial pollination stage. 'Corn prices are down as strong U.S. crop ratings and generally favourable weather will continue to put pressure on prices,' said one agricultural broker. Optimal U.S. growing conditions come as rival exporter Brazil is harvesting what some analysts anticipate will be a record second-corn crop. Corn eases on supply hopes, soybeans rise ahead of US reports The most-active CBOT soybeans lost 0.6% to $10.33-1/2 a bushel. Expectations of ample supplies have also weighed on the soybean market, with prices hitting their lowest since April in the past week. But the oilseed has steadied since Tuesday, with traders saying it found impetus in rising soyoil prices after a tax-cut and spending bill adopted by the U.S. Senate included a measure to restrict biofuel credits to North American feedstock. Soyoil is widely used to produce biodiesel. 'Soyoil is rallying due to the fact foreign feedstocks won't get subsidies,' a European trader said of the biofuel measure. CBOT soyoil was up 1.5% while Canadian canola futures were up 1.8%. In wheat, CBOT futures edged up 0.1% to $5.49-3/4 a bushel after touching a one-week peak. Traders say the approaching U.S. Independence Day holiday, which will see U.S. markets close on Friday, has encouraged investors to adjust their large short positions in wheat. Ample supplies were still hanging over the wheat market, with U.S. farmers progressing in harvest work and crops in Europe and the Black Sea region expected to be sizeable despite harsh weather including a heatwave in western Europe this week.
