Rains weigh on corn, soybean futures
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Soybeans closed at a two-month low Thursday, with July futures at $11.55¼ per bu, amid forecasts of rain. Corn and wheat also fell, with July corn at $4.39¾ per bu and Chicago July wheat at $5.72¾ per bu. US equities were mixed, the Dow up 0.77% to 39,174.76, while crude oil rose to $82.17 per barrel and gold increased to $2,353.80 per oz.
- Soybeans closed at their lowest level in two months Thursday as forecasts for heavy rains alleviated concerns about a heat wave in the central United States stressing crops. Corn slid lower under similar pressure as rains were expected in the 6- to 15-day forecast, Commodity Weather Group said, with the heaviest rains in the northwest Midwest in the next two weeks and showers to the south and east in the 11- to 15-day period. Wheat complex futures were lower, Chicago July at a two-month low, after forecasts for rains in Russia and crop estimates revised upwards pressured prices. Consultancy IKAR said it had raised its forecasts for Russia’s wheat crop to 82 million tonnes from 81.5 million tonnes. July corn dropped 10¼¢ to close at $4.39¾ a bu. Chicago July wheat fell 9¼¢ to close at $5.72¾ per bu. Kansas City July wheat dropped 8¾¢ to close at $5.92 a bu. Minneapolis July wheat subtracted 14¢ to close at $6.18¾ per bu. July soybeans deleted 18¾¢ to close at $11.55¼ per bu. July soybean meal shed $7 and closed at $364.60 per ton; later months were mixed. July soybean oil fell 0.33¢ and closed at 43.97¢ a lb.
- US equity markets were mixed Thursday as shares of Wall Street superstar Nvidia declined and dragged the S&P500 and Nasdaq from all-time highs. The Dow Jones Industrial Average added 299.9 points, or 0.77%, to close at 39,174.76. The Standard & Poor’s 500 fell 13.86 points, or 0.25%, to close at 5,473.17, after having surpassed 5,500 in intraday trading for the first time. The Nasdaq Composite fell 140.64 points, or 0.29%, to close at 17,721.59 and snapping a seven-session record close streak.
- US crude oil prices advanced Thursday. The expiring July West Texas Intermediate light, sweet crude future rose 60¢ to close at $82.17 per barrel. The August future added 58¢ and closed at $81.29 per barrel.
- The US dollar index strengthened on Thursday.
- US gold prices were higher Tuesday. The June contract rose $23.40 to close at $2,353.80 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
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