Corn and soybeans rely on dollar weakness

Published Aug 6, 2024

Tridge summary

Corn and soybean prices increased in Chicago due to a weakening dollar and concerns of a US recession leading to tight monetary policy by the Fed. Additionally, weekly corn inspections exceeded expectations, wheat inspections met expectations, but soya inspections were disappointing. Optimistic climatic conditions in the Corn Belt also contribute to the optimism about the size of the US corn and soybean harvests this year. As a result, SRW wheat, corn, and soybeans for September, December 2024, and November 2024 respectively, all experienced price increases.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Corn and soybean prices took advantage of the rapid weakening of the dollar to rise again Monday evening in Chicago. Fears of a recession in the United States shook the financial markets at the start of the week and suggest a rapid tightening of the Fed's monetary policy. Weekly corn inspections at US ports also gave some support to the trend by jumping above market expectations last week, to 1.2 Mt. Wheat inspections, for their part, were housed in the upper range of the consensus (441 kt), but those of soya were relatively disappointing, at only 261 kt. Climatic conditions in the Corn Belt also remain reassuring and reinforce operators' optimism regarding the scale of American corn and soybean ...

Source: TerreNet