U.S. wheat futures fell to their lowest price since February on Monday, pressured by the increasing harvest of winter wheat within the northern hemisphere and a scarcity of demand for U.S. provides, in keeping with Reuters.
CBOT wheat (W_1:COM) for September supply settled -2% to $9.17 1/2 per bushel after sliding to as little as $9.00-1/2, the contract’s lowest degree since February 28, and December corn (C_1:COM) closed -3.1% to $6.53 per bushel, however November soybeans (S_1:COM) ended +0.6% to $14.32 3/4 per bushel.
ETFs: (NYSEARCA:WEAT), (NYSEARCA:CORN), (SOYB)
“Wheat has no mates proper now. We’re at harvest time and that’s weighing available on the market… And the demand is simply actually dangerous, particularly for the export facet,” Value Futures analyst Jack Scoville instructed Reuters.
After the CBOT shut, the U.S. Division of Agriculture mentioned the U.S. winter wheat harvest was 41% full, forward of market expectations in addition to the five-year common of 35%.
Higher than anticipated weekend rains in elements of the Midwest that ought to enhance crop prospects pressured corn and wheat futures.
“Corn is showing the most weakness on account of weekend rainfall throughout Illinois that produced some wanted soil moisture, with the noon forecast providing further showers early subsequent week,” AgResource mentioned, in keeping with Dow Jones.
Previously two weeks, the most-active corn contract has dropped almost 10%, wheat tumbled greater than 15%, and soybeans fell ~9%.
Archer Daniels Midland (ADM) ought to proceed to learn from tight agri-commodity provides and strong meals demand which are anticipated to persist in 2022, LD Investments writes in an analysis published recently on Seeking Alpha.