CBOT wheat falls to almost eight-week low as US harvest rises

Published Jun 18, 2024

Tridge summary

Chicago Board of Trade wheat and soybean futures experienced significant declines on Monday, with wheat reaching a nearly two-month low due to stock selling pressure during a short holiday trading week. Corn futures also fell as traders kept an eye on U.S. weather conditions early in the growing season. Forecasted rain for much of the U.S. Corn Belt has alleviated drought concerns, despite expected intense heat in the Ohio Valley, Northeast, and Mid-Atlantic. The USDA is preparing to release a crop status report, and recent rains have calmed market fears. While wheat, corn, and soybean prices dropped, soybean oil saw a slight increase. Additionally, the National Oilseed Processors Association noted a rebound in U.S. soybean production in May.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Chicago Board of Trade wheat and soybean futures fell sharply on Monday, with wheat hitting a nearly two-month low as stock selling pressure spilled over into the short holiday trading week, traders said. Corn futures also fell as traders focused on U.S. weather conditions early in the growing season. Traders are keeping an eye on the US weather as the corn harvest approaches a key development period and the US winter wheat harvest picks up steam. The US Department of Agriculture (USDA) plans to release a report on the status of the US crop later on Monday. Much of the U.S. Corn Belt is forecast to see at least some rain this week, with some regions receiving up to 4 inches, said Carl Setzer, a grain analyst and partner at Consus Ag, Reuters reported. While the Ohio Valley, Northeast and Mid-Atlantic are expected to experience intense heat this week, some of those areas could also see rain as heat readings top 100 degrees Fahrenheit, the National Weather Service said. That in turn ...
Source: Oilworld
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.