CHICAGO, July 10 (Xinhua) — The recent trading session at the Chicago Board of Trade (CBOT) resulted in a mixed performance for agricultural futures. While the prices of corn and soybean saw an increase, wheat experienced a decline.
The most active corn contract for December delivery rose by 5 cents, or 1.01 percent, settling at 4.995 U.S. dollars per bushel. Conversely, the September wheat contract fell by 3.25 cents, or 0.5 percent, settling at 6.4625 dollars per bushel. However, November soybean futures soared by 27.75 cents, or 2.11 percent, settling at 13.455 dollars per bushel.
The surge in soybean prices can be attributed to the expansion of crush margins and increased purchases by China.
Market observers eagerly anticipate the upcoming July crop report from the U.S. Department of Agriculture, scheduled to be released on Wednesday. AgResource, a Chicago-based research company, holds a bullish stance on soybean prices but expresses concerns about the sustainability of corn prices. Additionally, international wheat values are expected to reach a seasonal low if wheat yields in Russia and Europe fall short of expectations.
Recent U.S. export inspections for the week ending July 6 indicate 13.4 million bushels of corn, 8.7 million bushels of soybeans, and 15.4 million bushels of wheat were shipped. However, compared to the previous year, there has been a 32 percent decrease in corn shipments (totaling 1,318 million bushels) and a 5 percent decrease in soybean shipments (totaling 1,824 million bushels).
Early reports suggest that wheat yields in the European Union (EU) and Southeastern Russia are falling below producer expectations due to hot and dry weather during the crucial reproductive period. Current estimations indicate a 5-12 percent decline in EU wheat yields, although more harvest data is necessary to confirm this trend.
Looking ahead, the weather forecast predicts wetter and cooler conditions in the Southwest and Central Midwest regions, while the Northwest Midwest and Northern Plains might experience below-average rainfall. However, there are no extreme heatwaves anticipated until July 19. In the short term, scattered showers are expected across Iowa and parts of Northern Illinois late Tuesday and Wednesday.
Credit: The Star : News Feed
