Weather Forecasts Weight forecast for Chicago corn futures fell more than 1% on Thursday in some parts of the USA and soybeans fell to a two-month low.
Wheat rose for the second session in a row.
“Weather forecasters are constantly looking for rain and cold temperatures this weekend, while dry and hot weather prevails in the northwest of the U.S. Midwest,” said Tobin Corey, director of agricultural strategy at the Commonwealth Bank of Australia.
“That weather pattern now determines the market.”
The most active corn deal on the Chicago Chamber of Commerce (CBOD) was down 1.2% at $ 6.65 per bushel, up 0.8% in the previous session.
Soybeans were down 0.3% at $13.43-3 / 4 within 0259 GMT, the session was near the low of $ 14.35-3 / 4 – the weakest since April 20. Wheat futures rose 0.2% to $6.63-3 / 4 a bushel.
U.S. Forecasts for climate improvement in the Midwest crop belt weigh in on futures for maize and soybeans, although conditional ratings for both crops have fallen.
U.S. orders from orders to blend biofuels, including soy-based biodiesel. The U.S. has come up with ways to provide relief to oil refiners. Soybeans have recently come under pressure following news that the Environmental Protection Agency is considering.
A strong dollar, which makes green bag expensive items more valuable to holders of other currencies, and weighs prices down.
The dollar rose to a two-month high after the Federal Reserve forecast its first post-epidemic interest rate hike in 2023, dropping a long-term note citing a health crisis. Weighing the economy.
Wheat exports from Russia, Ukraine, and Kazakhstan will soar in 2021/22, driven by a Reuters poll, higher crops, and reserves, and increased global demand.
The group, which exports its wheat via the Black Sea mainly to customers in Africa and the Middle East, faces stiff competition as this year’s crop revenue is also doing well in the EU.
Traders said Wednesday that commodity funds are selling higher in futures contracts for buyers of CBOD soybean oil, soybean and corn, and soymeal and wheat futures.
