Funds pressure wheat, soy to open split week
Source
Posted on
On Monday, wheat and soybean futures plummeted amid fund pressure and a holiday-split trading week, with wheat nearing two-month lows. Corn also declined as beneficial rain forecasts alleviated concerns during a critical growth phase. Meanwhile, US equity markets surged, buoyed by tech stocks like Broadcom and Micron, as investors awaited global central bank decisions and retail sales data. US crude oil prices rose, with July West Texas Intermediate closing at $80.33 per barrel, while gold prices fell to $2,312.40 per oz.
- Fund pressure rolling into a trading week split by a mid-week holiday sent wheat and soybean futures sharply lower Monday. Wheat neared two-month lows. Corn also declined as investors looked at weather forecasts calling for beneficial rain during a key development phase for corn. July corn added 6¼¢ to close at $4.43¾ a bu. Chicago July wheat fell 21¼¢ to close at $5.91½ per bu. Kansas City July wheat dropped 22¢ to close at $6.05½ a bu. Minneapolis July wheat fell 17¢ to close at $6.38½ per bu. July soybeans lost 22¢ to close at $11.57¾ per bu. July soybean meal shed $8.10 and closed at $360.30 per ton. July soybean oil rose 0.05¢ and closed at 43.73¢ a lb; later months were mixed.
- US equity markets were propelled to the high side Monday by such technology company stocks as Broadcom, Super Micro Computer and Micron Technology as investors await decision from central banks around the globe and retail sales data. The Dow Jones Industrial Average added 188.94 points, or 0.49%, to close at 38,778.1. The Standard & Poor’s 500 added 41.63 points, or 0.77%, to close at 5,473.23. The Nasdaq Composite added 168.14 points, or 0.95%, to close at 17,857.02.
- US crude oil prices advanced Monday. The July West Texas Intermediate light, sweet crude future added $1.88 to close at $80.33 per barrel.
- The US dollar index was mixed Monday, the expiring June contract strengthening and the September contract lower.
- US gold prices were lower Monday. The June contract fell $19 to close at $2,312.40 per oz.
Source Link: https://www.foodbusinessnews.net/articles/7-toasty-midwest-forecasts-push-corn-soybeans-higher
Recommended for you
