Wheat tour estimates pressure spring wheat futures
On Wednesday, wheat futures were mixed: winter wheat rose on hot, dry weather forecasts, while spring wheat fell due to strong production estimates from the Wheat Quality Council’s tour. Corn futures increased due to weather concerns, while soybean futures dropped on weaker demand expectations. Key prices were: September corn up 1¼¢ to $4.03¾/bu; Chicago September wheat up 4¼¢ to $5.47/bu; Minneapolis September wheat down 4¾¢ to $6.10¾/bu; August soybeans down 6½¢ to $11.11/bu. US equity markets fell sharply due to disappointing tech earnings. The Dow Jones lost 1.25%, the S&P 500 dropped 2.31%, and the Nasdaq plunged 3.64%. US crude oil gained $0.63 to $77.59 per barrel, gold prices rose $8.40 to $2,415.70 per oz, while the US dollar index declined.
On Wednesday, wheat futures presented a mixed outlook. Winter wheat futures firmed due to forecasts predicting hot, dry weather, which could potentially stress crops. In contrast, spring wheat futures were pressured by strong production reports from the Wheat Quality Council’s tour, which indicated robust domestic crop yields. The tour’s initial estimate showed an average yield of 52.5 bushels per acre, the highest since records began in 1994. Corn futures edged higher, driven by ongoing weather concerns, while soybean futures declined due to weaker demand expectations. Key price changes included: September corn gaining 1¼¢ to close at $4.03¾ per bushel; Chicago September wheat adding 4¼¢ to $5.47 per bushel; Kansas City September wheat rising ¾¢ to $5.67½ per bushel; and Minneapolis September wheat falling 4¾¢ to $6.10¾ per bushel. August soybeans dropped 6½¢ to $11.11 per bushel.
US equity markets saw significant declines as disappointing earnings reports led to a selloff in tech stocks, marking the worst decline for both the S&P 500 and Nasdaq since late 2022. The Dow Jones Industrial Average fell 504.22 points (1.25%), the S&P 500 decreased 128.61 points (2.31%), and the Nasdaq Composite plummeted 654.94 points (3.64%). In commodities, US crude oil prices saw modest gains, with September West Texas Intermediate rising $0.63 to $77.59 per barrel. Gold prices also increased, with the August contract up $8.40 to $2,415.70 per ounce. The US dollar index reversed direction and moved lower.
Source Link : https://www.foodbusinessnews.net/articles/7-toasty-midwest-forecasts-push-corn-soybeans-higher
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