Wheat’s weakness pulls on corn, soybeans
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Wheat futures dipped as crop outlooks improved, while corn touched highs before retreating. Soybeans were mixed. In commodities, July corn closed at $4.67/bu, Chicago wheat at $6.42¾/bu, Kansas City wheat at $6.64/bu, Minneapolis wheat at $7.19/bu. Soybeans closed at $12.46½/bu, soybean meal at $383.20/ton, and soybean oil at 44.50¢/lb. The US dollar index strengthened. US equities were mixed; S&P 500 and Dow rose, Nasdaq fell. Gold futures declined to $2,324.20/oz. US crude closed at $78.38/barrel.
- Wheat futures retreated Tuesday from multi-month highs as crop weather forecasts improved in Russia and after the USDA late Monday said US winter wheat conditions improved slightly. Corn futures touched a four-month high on volatile Midwest and South American weather before retreating and closing lower following wheat with farmers selling old crop supplies into the rally. Soybean futures were mixed Tuesday with new crop futures firming but old crop down on profit taking and spillover pressure from wheat. July corn fell 2¢ to close at $4.67 per bu. Chicago July wheat gave back 6¢ to close at $6.42¾ per bu. Kansas City July wheat shed 11¼¢ and closed at $6.64 per bu. Minneapolis July wheat deleted 6½¢ and closed at $7.19 per bu; later months were mixed. July soybeans eased 2¼¢ to close at $12.46½ per bu; later months were mixed. July soybean meal fell $4.40 to close at $383.20 per ton; later months were mixed. July soybean oil added 0.66¢ to close at 44.50¢ a lb.
- The US dollar index strengthened Tuesday.
- US equity markets were mixed Tuesday. The S&P 500 built on its recent rally amid a plethora of earnings reports. Shares of Tesla, Palantir Technologies, Celsius and Disney all declined. The Dow Jones Industrial Average edged up 31.99 points, or 0.08%, to close at 38,884.26. The Standard & Poor’s 500 added 6.96 points, or 0.13%, to close at 5,187.7. The Nasdaq Composite dropped 16.69 points, or 0.1%, to close at 16,332.56.
- US gold futures receded on Tuesday. The June contract shed $7 to close at $2,324.20 per oz.
- US crude oil prices pulled back Tuesday. The June West Texas Intermediate light, sweet crude future was down 10¢ to close at $78.38 per barrel.
Source Link: https://www.foodbusinessnews.net/articles/7-wheats-weakness-pulls-on-corn-soybeans
