The Chicago Board of Trade (CBOT) witnessed a decline in wheat futures, influenced by factors such as technical trading, ample Russian supplies, a strong dollar, and diminished demand from China. This market movement comes in anticipation of forthcoming U.S. planting and grain reserve data. Similarly, soybean and corn futures experienced downturns as farmers liquidated their old crop inventories ahead of an expected USDA report. The most active wheat contract saw a decrease of 11-1/2 cents, settling at $5.43-1/2 a bushel, with soybeans and corn also registering declines. These trends are shaped by global supply and demand dynamics, including concerns over Russian and South American output and fluctuating demand from China, alongside projections of a reduced corn harvest in Brazil.
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Chicago Board of Trade (CBOT) wheat futures fell in technical trading on Tuesday as the market was also weighed down by large supplies from Russia, a strong dollar and weaker demand from China, analysts said. Traders turned their attention to data on plantings and grain reserves in the United States, which will be released on Thursday. Soybean and corn futures also fell in choppy trading as farmers sold some of their old crop inventory ahead of the USDA report, analysts said. “This whole week is driven by the reporting at the end of the week,” said Ted Seyfried, vice president of Zaner Ag Hedge, according to Reuters. The most active wheat contract on the Chicago Board of Trade (CBOT), Wv1, fell 11-1/2 cents to $5.43-1/2 a bushel. “Russia continues to push wheat into the global market, demand from China is weak, and wheat is trying to bottom out,” said Chuck Shelby, president of Risk Management Commodities. “We have a large source of information, and the markets just sit and wait.” ...
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