Corn, soybeans, wheat dip ahead of WASDE
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- Corn, soybean and wheat futures could not sustain overnight bargain-buying rises and dropped lower Tuesday. Corn and soybeans hovered near three-year lows ahead of Friday’s updated supply and demand numbers from the US Department of Agriculture. Soybeans were under pressure from increased fund selling. Wheat tumbled alongside declining European wheat futures amid weakening prices in the Black Sea, believed to be the winning origin from Algeria’s tender. The May corn future lost 3¾¢ to close at $4.26¼ per bu. Chicago May wheat dropped 13¢ to settle at $5.51 per bu. Kansas City May wheat fell 11¢ to close at $5.69¼ per bu. Minneapolis May wheat dropped 4¢ but closed at $6.55½ per bu. May soybeans were down 6¢ to close at $11.49 per bu. May soybean meal shed $3.60 to close at $329.90 per ton. May soybean oil eased 0.13¢ to close at 45.04¢ a lb.
- The Magnificent Seven stocks of gigantic tech companies, save for Nvidia, all pulled lower Tuesday, dragging major equity markets further from recent record highs. Trading was cautious ahead of key data coming from the government, including a jobs report Friday. The Dow Jones Industrial Average fell 404.64 points, or 1.04%, to close at 38,585.19. The Standard & Poor’s 500 gave back 52.3 points, or 1.02%, to close at 5,078.65. The Nasdaq Composite sank 267.92 points, or 1.65%, to close at 15,939.59.
- US crude oil prices declined again Tuesday. The April West Texas Intermediate light, sweet crude future dropped 59¢ to close at $78.15 per barrel.
- The US dollar index closed lower for a third consecutive trading day Tuesday.
- US gold futures advanced again Tuesday. The April contract added $15.60 to close at $2,141.90 per oz.
Source Link: https://www.foodbusinessnews.net/articles/7-corn-soybeans-wheat-dip-ahead-of-wasde
