Corn, soybeans fall as market adjusts ahead of USDA reports in the United States

Soybean

Published Mar 28, 2024

Tridge summary

On Wednesday, Chicago corn and soybean futures saw a decline in anticipation of the U.S. planting and grain stocks data release set for Thursday, which is expected to impact market prices. The potential for U.S. corn supplies to hit multi-decade highs post the 2024 harvest contributed to the drop in corn prices. Wheat prices also decreased, despite previous concerns over Russian export disruptions, as the focus shifted to the global surplus of wheat, including a large expected harvest from Russia. The forthcoming USDA report is predicted to show a rise in inventories, influencing market dynamics further.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Chicago corn and soybean futures fell on Wednesday as the markets looked ahead to data on U.S. planting and grain stocks due on Thursday that could move prices. Wheat edged lower as traders dismissed concerns that exports from top supplier Russia would be disrupted and focused instead on a plentiful supply outlook. The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 1.1% at $4.28 a bushel by 1238 GMT, while CBOT soybeans Sv1 fell 0.6% to $11.92-1/4 a bushel and wheat Cv1 slipped 0.2% to $5.42-1/2 a bushel. Ideas that U.S. corn supplies could reach multi-decade highs following the 2024 harvest have weighed heavily on corn prices. Excessively large corn acres relative to trade estimates on Thursday could hurt chances for a spring rally, especially since large speculators have recently covered a chunk of short positions, Karen Braun, global agriculture columnist at Thomson Reuters, wrote in a column. On the wheat market, huge amounts of cheap wheat are ...

Source: Hellenic Shipping News