Corn, wheat retreat
Chicago Board of Trade saw corn futures retreat Friday after reaching a two-week high, influenced by mixed global crop weather. Wheat and soybean futures also fell amid a strong dollar. US weather remains critical as July nears, impacting corn and soybean crops, particularly in the southeastern and eastern corn belt. Maxar forecasts heat and dryness, though models vary. CBOT corn settled at $4.50 per bushel, down 8-1/2 cents but up 0.3% for the week.
CHICAGO- Chicago Board of Trade corn futures eased on Friday, a day after hitting a two-week high, as global crop weather looked mixed, analysts said.
Wheat and soybean futures also declined, with the strong dollar making US farm products less attractive to importers.
Traders are monitoring US weather as corn crops approach a key development period in July, while winter wheat harvesting is gathering pace.
Heat and dryness are expected across the southeastern and eastern corn belt over the next 15 days, increasing stress on corn and soybean crops, forecaster Maxar said. Weather models range in their predictions, though, said Don Roose, president of brokerage US Commodities.
“This week probably marked the start of the weather watch, and that can be both ways,” Roose said. “It’s a footrace to see what the weather looks like going forward.”
Most-active CBOT corn futures settled down 8-1/2 cents at $4.50 per bushel but rose about 0.3 percent for the week.
Source Link: https://malaya.com.ph/news_business/corn-wheat-retreat/
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