On Monday, the Chicago Board of Trade (CBOT) witnessed a stabilization in wheat futures, reaching near three-week highs before being impacted by technical sales, while soybean prices rose in anticipation of the USDA's upcoming planting plans report. Corn futures, however, experienced a slight decline amidst market fluctuations. The tension in the Black Sea region, speculation around Russia, and dry weather forecasts contributed to wheat's initial price increase. Market analysts are closely watching for changes in soybean and corn planting acreages in the USDA's forthcoming reports and quarterly data on US grain inventories, with the market's uncertainty expected to persist until these reports are released. Speculators' large net short positions in wheat, soybeans, and corn make these commodities prone to short covering. In Argentina, a key soybean exporter, easing conditions following heavy rains could potentially aid in crop recovery and harvest.
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Original content
Chicago Board of Trade (CBOT) wheat futures stabilized on Monday, but fell short of the three-week high prices reached earlier in the session. Soybean prices also rose as dealers adjusted positions ahead of the US Department of Agriculture's (USDA) planting plans report due on Thursday, while corn futures edged lower in choppy trading. Tensions in the Black Sea region sent wheat prices soaring before technical sales weighed on the market, analysts said. “We were trading up and got some technical sell orders and that turned things around,” said Carl Setzer, partner at Consus Ag Marketing, according to Reuters. Top-active CBOT wheat rose 1/4 cent to $5.55 a bushel after earlier hitting $5.67, its highest price since March 4. From 1-1/2 cents to $4.37-3/4 per bushel. According to analysts, market talk about disagreements between Russia and a leading private exporter, as well as the forecast of dry weather in the Black Sea region led to a rise in wheat futures. In the soybean market, ...
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