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.
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.
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.
Chicago Board of Trade corn and soybean futures turned higher on Tuesday, reversing direction after a two-day slide, as investors tracked a heat wave moving across the eastern Corn Belt after the government reported a decline in U.S. crop ratings.
Chicago Board of Trade wheat and soybean futures fell sharply on Monday, with wheat at a near two-month low as fund selling pressure rolled into a short holiday trading week, traders said.
Chicago wheat futures Wv1 fell for an eighth day on Friday for their lowest close in a month after Turkey said it would halt wheat imports in a blow to the global demand outlook.
Chicago Board of Trade corn Cv1 and soybean Sv1 futures rose on Thursday as news of tighter rules on industry tax credits in Brazil made traders and producers hopeful that it could boost U.S. export business, traders said.
Wheat prices led the way as the July Chicago contract fell 46 cents per bushel at US$4.46. The July Kansas City hard red wheat contract dropped 43.5 cents at US$6.7625/bu., while the July Minneapolis spring wheat contract lost 39.5 cents at US$7.1250/bu.
Chicago benchmark wheat Wv1 futures fell on Wednesday for the sixth day in a row, as progress in the U.S. winter harvest weighed on prices and concerns eased over the Russian crop, traders said.