Rainy weather, Ukraine exports slice grain prices in United States
Published 2022년 8월 1일
Tridge summary
Key points from the article:
- Badly needed rains are expected in the eastern Corn Belt later this week, leading to significant cuts in soybean prices. Corn and wheat prices also declined due to optimism about Ukrainian ports finally allowing shipments and concerns about hotter-than-normal conditions expected in the central U.S. between August 8 and August 14.
- The Dow dipped in afternoon trading, and energy futures trended significantly lower. Commodity funds were net buyers of corn, soybeans, soymeal, and soyoil contracts but net sellers of CBOT wheat.
- Corn prices fell due to technical selling and export optimism from Ukraine, with September futures dropping 8.5 cents to $6.0775. Soybean prices also declined due to first-of-month profit-taking and technical selling, with August futures tumbling 42.25 cents to $15.9475. Wheat prices fell on hopes of increased Ukrainian grain exports and ongoing harvest progress, with September Chicago SRW futures dropping 8.25 cents to $7.9950.
- The United Nations has brokered a safe passage agreement for grain exports from three Ukrainian ports, with the first ship leaving for Lebanon today. The article also provides a summary of settlement prices for key commodities, energy prices, and the U.S. Dollar Index, as well as futures prices for livestock and various swaps for urea and DAP.
- Badly needed rains are expected in the eastern Corn Belt later this week, leading to significant cuts in soybean prices. Corn and wheat prices also declined due to optimism about Ukrainian ports finally allowing shipments and concerns about hotter-than-normal conditions expected in the central U.S. between August 8 and August 14.
- The Dow dipped in afternoon trading, and energy futures trended significantly lower. Commodity funds were net buyers of corn, soybeans, soymeal, and soyoil contracts but net sellers of CBOT wheat.
- Corn prices fell due to technical selling and export optimism from Ukraine, with September futures dropping 8.5 cents to $6.0775. Soybean prices also declined due to first-of-month profit-taking and technical selling, with August futures tumbling 42.25 cents to $15.9475. Wheat prices fell on hopes of increased Ukrainian grain exports and ongoing harvest progress, with September Chicago SRW futures dropping 8.25 cents to $7.9950.
- The United Nations has brokered a safe passage agreement for grain exports from three Ukrainian ports, with the first ship leaving for Lebanon today. The article also provides a summary of settlement prices for key commodities, energy prices, and the U.S. Dollar Index, as well as futures prices for livestock and various swaps for urea and DAP.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
A round of badly needed rains should arrive later this week, which caused substantial cuts to soybean prices to start the week. Corn and wheat prices were also in the red today, largely due to an uptick in optimism that ships are finally moving out of Ukrainian ports again. The eastern Corn Belt is set to get a substantial drink over the next several days, with large parts of Illinois, Indiana and Michigan likely to see another 1” to 1.5” or more rainfall between Tuesday and Friday, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s 8-to-14-day outlook predicts a return to seasonally dry weather for the central U.S. between August 8 and August 14, with widespread hotter-than-normal conditions also likely during this time. On Wall St., the Dow dipped 44 points lower in afternoon trading to 32,800 as investors prepare for another big week of corporate earnings reports and governmental economic data (nonfarm payrolls report, etc.). Energy futures trended ...
Source: Prairie Grain Partners
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