Corn futures on the Chicago Board of Trade hit a five-year high of $4.64¾ per bushel Monday as hot, dry weather and the forecast for more of it, following heavy spring rains that delayed planting, added to concern about supply, Gus Trompiz reports for Reuters.
"Corn gave up some of its gains, however, as forecasts also predicted some rain in the Midwest this week and traders awaited a weekly U.S. Department of Agriculture crop report for an update on corn conditions," Reuters reported as the December futures price dropped to $4.61. "Wheat edged to a two-week high, drawing support from corn as well as downward revisions to world wheat supply in monthly USDA estimates published last week. Soybeans slipped lower after touching a one-year high as traders weighed up risks for late-planted U.S. soybeans in the face of hot weather."
Trompiz writes, "After initially being seen as beneficial in drying out waterlogged fields and boosting plant growth, a recent warm, dry spell has fuelled worries that crops could be damaged during crucial pollination stages. The USDA will issue its weekly crop progress report after Monday's market close in Chicago. Traders largely shrugged off the USDA's forecast for U.S.corn production in its monthly supply and demand report on July 11, holding out for a follow-up survey of plantings by the agency after its previous acreage estimates were viewed as too high for corn and too low for soybeans."
"Corn gave up some of its gains, however, as forecasts also predicted some rain in the Midwest this week and traders awaited a weekly U.S. Department of Agriculture crop report for an update on corn conditions," Reuters reported as the December futures price dropped to $4.61. "Wheat edged to a two-week high, drawing support from corn as well as downward revisions to world wheat supply in monthly USDA estimates published last week. Soybeans slipped lower after touching a one-year high as traders weighed up risks for late-planted U.S. soybeans in the face of hot weather."
Trompiz writes, "After initially being seen as beneficial in drying out waterlogged fields and boosting plant growth, a recent warm, dry spell has fuelled worries that crops could be damaged during crucial pollination stages. The USDA will issue its weekly crop progress report after Monday's market close in Chicago. Traders largely shrugged off the USDA's forecast for U.S.corn production in its monthly supply and demand report on July 11, holding out for a follow-up survey of plantings by the agency after its previous acreage estimates were viewed as too high for corn and too low for soybeans."
No comments:
Post a Comment