Soybeans, corn, wheat all lower heading into Friday

Published Jun 21, 2024

Tridge summary

Soybeans, corn, and wheat prices were all lower due to concerns about crop development weather and the potential for rain in the Midwest. Traders are also considering the harvests from Brazil and Argentina and the possibility of more soybean acres in the U.S. The USDA’s Acreage and Grain Stocks report is highly anticipated. In contrast, ethanol production has increased, with a pace that's 4% higher than last year, and inventory is also up week over week.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Soybeans were lower as traders continue to watch crop development weather. There are chances for rain for much of the Midwest in the extended forecast, while other areas remain heavily saturated. Both soybean oil and soybean meal were lower on Thursday. Thet trade is also taking into consideration the harvests from both Brazil and Argentina plus the potential for more soybean acres in the U.S. The USDA’s Acreage and Grain Stocks report comes out June 28th. Corn was also lower on Thursday as there are chances of rain in the forecast for the Eastern Corn Belt. However, there are parts of the country that have had too much moisture, and it is expected to continue. Ethanol production increased in the latest report from the U.S. Energy Department with a production pace that’s 4 percent higher than last year. Ethanol inventory is also up week over week. The trade continues to look ahead to the USDA’s Acreage and Grain Stocks report which is out next week. Wheat continues to ...
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