Soy rises on short-covering, wheat stays weak
On Friday, soybeans rose while corn eased as traders adjusted positions before the weekend and monitored an incoming heat wave potentially impacting U.S. Midwest crops. CBOT corn fell ¼ cent to $3.93 ¼ a bushel, and soybeans gained 11 ¼ cents to $9.72 ¾. Wheat dipped, with soft red winter wheat down 2 ¾ cents to $5.32 ¾, influenced by cheap Black Sea exports. Record corn yields are expected in Iowa and Illinois, though Minnesota’s crop is disappointing. A brief heat wave may support corn and soybean futures.
CHICAGO, Aug 23 (Reuters) -Soybeans rose while corn eased on Friday as traders covered short positions ahead of the weekend while monitoring an incoming heat wave that could threaten some crops in the U.S. Midwest, traders said.Wheat also dipped as cheap Black Sea exports continued to loom.
CBOT corn Cv1 inched down 1/4 cent to $3.93-1/4 a bushel, while soybeans Sv1 added 11-1/4 cents to $9.72-3/4 a bushel, though both crops remained close to four-year lows struck last Friday.
The most-active soft red winter wheat contract on the Chicago Board of Trade Wv1 was down 2-3/4 cents at $5.32-3/4 a bushel by 1530 GMT.
“Wheat’s wallowing and trying to find support at the $5 level,” said Chuck Shelby, president of Risk Management Commodities.
A closely followed survey of Midwest production prospects estimated record corn yields this week in top producers Iowa and Illinois, though crops in Minnesota were disappointing.
Tour organizer Pro Farmer will release its own estimate of U.S. production later on Friday.
However, forecasts predict a short wave of 90-degree Fahrenheit (30-degree Celsius) weather will move into the Midwest in the next week, which could threaten crops and may be adding support to corn and soy futures, traders said.
Relatively strong demand for corn and a series of flash sales reported to China and unknown buyers have added a market floor and suggested recent price lows have stirred some demand.
Farmers continue to sell old-crop corn and soy to make room for the upcoming harvest and to generate cash flow, traders said.
Meanwhile, workers at Canadian National Railway CNR.TO began returning to work on Friday following a rail stoppage that began Thursday morning, the Teamsters union said.
Source Link : https://www.xm.com/research/markets/allNews/reuters/soy-rises-on-shortcovering-wheat-stays-weak-53911733
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