Large crop ideas pressure soy, corn, wheat
Soybean futures dropped to nearly four-year lows due to strong crop prospects and lower-than-expected June crush numbers. Corn and wheat futures also declined due to favorable weather and harvest pressure. Equity indexes rose as investors anticipated steady interest rates and positive earnings reports. US crude oil futures and the US dollar index strengthened, while gold prices advanced. Specifically, September corn closed at $3.90½, Chicago September wheat at $5.32½, and August soybeans at $10.78 per bushel.
On Monday, soybean futures plummeted to nearly four-year lows driven by optimistic crop outlooks and reduced demand signals, notably from disappointing June crush numbers reported by the National Oilseed Processors Association. Corn futures also faced downward pressure due to concerns over abundant supply and favorable weather conditions bolstering US production prospects. Wheat futures followed suit, declining amid seasonal harvest pressures in the US and increased forecasts for both domestic and Russian wheat crops.
In contrast, US equity markets saw gains as investors considered the potential implications of a second Trump presidency, alongside Federal Reserve Chairman Jerome Powell’s indication of maintaining stable interest rates. Positive earnings reports from major firms like BlackRock and Goldman Sachs further buoyed market sentiment. Meanwhile, crude oil futures experienced a second consecutive decline, while the US dollar strengthened and gold prices advanced.
Friday’s market activity showed mixed results for corn, wheat, and soybean futures, influenced by USDA projections and varying supply-demand dynamics across the agricultural commodities sector.
Source Link : https://www.foodbusinessnews.net/articles/7-toasty-midwest-forecasts-push-corn-soybeans-higher
