Weather conditions will be a major factor moving grain and oilseed markets in the United States over the next few months, as seeding operations wrap up and attention turns to the developing crops.
Chicago wheat fell for a third straight session on Tuesday, as rain in growing areas of the U.S. Plains improved moisture for the crop, reinforcing expectations of a well-supplied market, according to analysts.
Australian wheat inventories will likely be much higher than last year at the end of the season, pressuring prices, because of a drop in Chinese imports and competition from ample supplies out of rival exporter Russia, analysts and traders said.
Chicago corn and soy futures eased on Friday ahead of a long weekend in the U.S., after President Donald Trump posted on social media that he recommended a 50 per cent tariff on goods from the European Union.
Chicago wheat futures fell on Thursday as a short-covering rally earlier this week that took prices to a one-month peak petered out, with traders seeing limited threats to Northern Hemisphere crops despite adverse weather concerns.
Futures for soybeans and corn on the Chicago Board of Trade are set to rise for two reasons, said Steve Georgy, president of Allendale Inc. in McHenry, Illinois — the planting progress being made by United States farmers and "seasonality"
Chicago wheat futures extended gains on Wednesday, at one point rising to a one-month high, amid support by a weaker dollar and short-covering encouraged by production concerns, market analysts said.
Chicago Board of Trade wheat futures surged to a two-week high on Tuesday, as a weaker dollar and an unexpected decline in U.S. crop ratings encouraged more short-covering after prices hit a five-year low last week.
Chicago soybean futures on Thursday plummeted from the previous session's 10-month high, pressured by a sharp drop in soyoil caused by concerns over U.S. biofuel targets, traders said.
Chicago Board of Trade soybean futures set a nearly 10-month high on Wednesday as the truce in the U.S.-China tariff dispute and a proposal to extend a U.S. biofuel tax credit boosted hopes for demand.