Chicago Board of Trade (CBOT) soybean and corn futures fell on Tuesday as traders assessed the impact of flooding and heat on crops in the central U.S.
Analysts surveyed by Reuters project that quarterly USDA data will show the herd on June 1 was about 0.8 per cent bigger than a year earlier and that the number of pigs per litter was up 2.3 per cent in the March-May period.
It will be the second survey-based acreage report for 2024-25 from StatCan after the first was released in March. Since then, much of the Prairies received normal to above-normal amounts of precipitation while cooler temperatures have delayed development in most crops.
Bearish bets in the ICE Futures canola market hit their highest level in three months in mid-June, as speculative fund traders added to their large net short position, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
Chicago Board of Trade (CBOT) soybeans rose on Monday as flooding hit the upper Midwest after a weekend of thunderstorms. Corn fell on acreage expectations ahead of a USDA report on Friday and wheat was down with analysts citing U.S. harvest pressure.
Forecast dryness in the Black Sea region's breadbasket is likely to stunt sunflower and corn yields, while heavy rain in the United States after near-record temperatures threaten to take a toll on crops, hitting world supplies and pushing prices higher.
Chicago Board of Trade soybean futures strengthened on Friday as some weather models showed heavy rain putting certain U.S. production areas at risk of flooding, though they closed down for the week.
Chicago Board of Trade corn slid on Thursday while soybeans closed at their lowest in two months as forecasts for heavy rains alleviated concerns about a heat wave in the central U.S. stressing crops.
Only one per cent of acres were left unseeded in Saskatchewan during the week ended June 17 due to cooler temperatures and excess moisture, according to the province’s weekly crop report.