Home » Wheat and corn fall back with the onset of rains

Wheat and corn fall back with the onset of rains

by archyw

The prices of the main wheat and corn contracts fell on Monday in Chicago with the onset of rains favorable to the harvests but also pending the publication of the US Wasde report on global supply and demand for agricultural products on Wednesday. Soybeans have remained stable. Wheat was significantly lowered by the onset of rains.

“There was rain in the western part of North Dakota which was very dry and there is a forecast of humidity for next weekend and in the week for North Dakota, South Dakota and in the prairies of Canada ”, said Dan Cekander of DC Analysis. “It was the main factor of decline for wheat”, he added. For corn, the prospect of rains also in Brazil reduced prices while Iowa, northern Indiana and Illinois, in the heart of the “corn belt”, were sprayed this weekend. , which weighed on prices.

Investors are also eagerly awaiting the US Department of Agriculture’s (USDA) monthly report on global supply and demand (Wasde report). “This will be the first time that we will have figures for the new 2021-2022 campaign. The theory is that world production is likely to be up because prices are going up ”, suggested Dan Cekander. “The funds sold off their long positions a lot on Monday, preferring to sell before the figures in the report which could come as a surprise”, for his part pointed out Jack Scoville of Price Futures Group.

USDA has also announced a large export sale of 1.02 million tonnes of corn to China.

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The bushel of wheat (about 27 kg) for delivery in July, the most traded, concluded at 7.3050 dollars against 7.6175 dollars on Friday, down 4.10%. A bushel of corn (about 25 kg) for delivery in July ended at $ 7.1175 from $ 7.3225 at the last close, losing 2.79%. A bushel of soybeans (about 27 kg) for delivery in July ended at $ 15.8750 from $ 15.8975 on Friday, shedding 0.14%.

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