Soybeans near 4-year low; corn, wheat sag on supply prospects
CHICAGO, July 15 (Reuters) – U.S. soybean futures hit their lowest level in nearly four years on Monday due to strong Midwest crop prospects and demand worries. Wheat futures on the Chicago Board of Trade hit contract lows, and corn futures declined.
As of 12:52 p.m. CDT (1752 GMT), CBOT November soybeans fell 24-1/4 cents to $10.41 per bushel. CBOT September wheat fell 17-1/4 cents to $5.33-1/2, and December corn dropped 10 cents to $4.04-3/4.
By Julie Ingwersen
CHICAGO, July 15 (Reuters) – U.S. soybean futures fell to their lowest level in nearly four years on Monday on strong Midwest crop prospects and worries about demand for the oilseed, analysts said.
Wheat futures on the Chicago Board of Trade fell to life-of-contract lows, and corn futures also declined but hovered just above contract lows.
As of 12:52 p.m. CDT (1752 GMT), CBOT November soybeans were down 24-1/4 cents at $10.41 per bushel after hitting $10.39-1/2, the lowest level on a continuous chart of the most-active soybean contract since October 2020.
CBOT September wheat was down 17-1/4 cents at $5.33-1/2 a bushel after setting a contract low at $5.31-1/2. December corn was down 10 cents at $4.04-3/4.
Analysts believe that U.S. crops benefited last week from the remnants of Hurricane Beryl, which brought showers to dry areas of the eastern Midwest crop belt. More rain fell over the weekend, and forecasts called for mild temperatures later this week.
Ahead of the U.S. Department of Agriculture’s
weekly crop progress report
due later on Monday, analysts surveyed by Reuters on average expect the government to rate 69% of the U.S. corn and soybean crops in good to excellent condition, up 1 percentage point from last week. If confirmed, the ratings for corn would be the highest for this time of year since 2020 and the highest since 2018 for soybeans.
“Wheat, corn and soybeans are weakened … with U.S. weather forecast to be overall non-threatening to crops this week,” said Matt Ammermann, StoneX commodity risk manager.
Soybeans faced additional pressure from a smaller-than-expected
crushing pace
in June. The National Oilseed Processors Association (NOPA) said its members, which account for around 95% of soybeans crushed in the United States, processed 175.599 million bushels of soybeans last month, below most trade estimates.
Separately, the USDA reported
export inspections
of U.S. soybeans in the latest week at 168,593 metric tons, below a range of
trade expectations.
Source Link : https://www.livemint.com/news/soybeans-near-4-year-low-corn-wheat-sag-on-supply-prospects-11721067228529.html
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