Wheat extends losses on better US crop outlook
Chicago wheat futures declined by 0.4% on Tuesday, closing at $5.53-3/4 per bushel, marking the fourth consecutive day of losses. Improved conditions for the US winter wheat crop, bolstered by favorable rainfall in the Plains, raised global supply prospects, contributing to the price drop. Additionally, a stronger dollar, driven by US President-elect Trump’s proposed 25% tariff on imports from Mexico and Canada, pressured commodities. Corn also eased by 0.4% to $4.31-1/4, while soybeans saw a modest gain of 0.1% to $9.86-1/2.
SINGAPORE: Chicago wheat lost more ground on Tuesday as improved US winter crop conditions raised global supply prospects, while a stronger dollar pressured commodities.
Corn eased as the dollar strengthened after US President-elect Donald Trump said he would sign an executive order imposing a 25% tariff on imports from Mexico and Canada. The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.4% at $5.53-3/4 a bushel, as of 0402 GMT, marking a fourth session of losses.
Corn gave up 0.4% to $4.31-1/4 a bushel, while soybeans added 0.1% to $9.86-1/2 a bushel. US winter wheat crop conditions improved for a fourth straight week, surpassing expectations, following timely rainfall across the Plains this month, according to the latest crop condition report by the US Department of Agriculture (USDA) on Monday. The USDA said 55% of the winter wheat crop was in good-to-excellent condition, as of Sunday, up from 49% a week earlier.
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Source Link : Business Recorder
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