Chicago Board of Trade wheat futures fell on Wednesday despite weather risks in top exporter Russia, highlighting the size of its supply as the country continues to dominate global export markets.
Chicago wheat fell on Tuesday from peaks not seen since December, while corn eased from four-month highs as investors gauged the impact of harsh weather in some major production zones.
For the week ending May 4, Western Canadian feeder cattle prices were quite variable and the market was hard to define. Alberta and certain regions of Saskatchewan received snow, which caused the market to trade $3 to $5 lower. However, in Eastern Saskatchewan and Manitoba, feeder cattle prices were steady to $3 higher.
Chicago Board of Trade (CBOT) benchmark wheat futures fell on Wednesday after ticking up in the early session as much-needed rainfall reaches key wheat-growing areas of the U.S. Plains and southern Russia.
U.S. soybean futures fell nearly two per cent on Tuesday as falling soyoil prices dragged down the soy complex amid weak demand, deliveries against the May futures contract and market uncertainty, traders said.
Chicago benchmark wheat futures WN24 fell more than two per cent on Monday, snapping a seven-session rally, as the crop outlook in top exporter Russia improved on forecasts for rain, analysts said.
Chicago Board of Trade wheat futures hit highs not seen since January for a second day, as anxiety over dry weather conditions persisted for top exporter Russia.
Chicago Board of Trade wheat futures continued their steady climb on Wednesday, as dry weather raised concerns in key growing regions and Russian attacks in the Black Sea area threatened to disrupt supply chains.