Wheat falls, corn stumbles
CHICAGO: Chicago wheat futures fell for the eighth day, closing at a monthly low of $6.27-1/2 per bushel after Turkey announced a halt on wheat imports until October 15. This led to a 7.5% weekly price drop, the largest since July 2023. Analysts expect a strong US winter wheat crop to increase supplies. The stronger dollar also pressured corn and soybean futures lower, impacting US export competitiveness.
CHICAGO- Chicago wheat futures fell for an eighth day on Friday for their lowest close in a month after Turkey said it would halt wheat imports in a blow to the global demand outlook.
Wheat prices fell 7.5 percent this week, their biggest weekly loss since July 2023. Analysts also expected a strong US winter wheat crop to boost supplies of the grain and concerns over Russian crop damage eased.
Corn and soybean futures edged lower after a strong US jobs report boosted the dollar, which makes US exports less competitive.
The most-active wheat contract on the Chicago Board of Trade (CBOT) slipped 12 cents to settle at $6.27-1/2 a bushel, its lowest since May 6.
Turkey will halt wheat imports from June 21 until at least Oct. 15 to protect domestic producers, the agriculture ministry said.
Turkey is a key destination for Black Sea wheat, notably Russian wheat, and the absence of Turkish demand could stiffen competition in other export markets, traders said.
“It’s another knock on potential export business, and that’s not good,” Mark Gold, founder of Top Third Ag Marketing, said.
Analysts in a Reuters poll published on Thursday estimated the US Department of Agriculture’s June 12 crop production report will forecast a harvest of 1.298 billion bushels of winter wheat, above the May estimate.
Source Link : https://malaya.com.ph/news_business/wheat-falls-corn-stumbles/
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