Chicago Close: More Losses for Spring Wheat

After a surprising fall a day earlier, spring wheat futures continued to lose ground on Wednesday.

Minneapolis futures closed lower on Tuesday, even after the USDA’s weekly crop progress report after the close on Monday showed a 5-point drop in the condition of the drought-ravaged US spring wheat crop to just 11% good to excellent – lower than most traders and analysts had been expecting. But instead of bouncing back today, the market remained under pressure from ideas the bulk of the drought damage on the northern Plains has already been priced into the market. On the other hand, winter wheat futures closed higher for the sixth straight session, buoyed wetness for the European harvest and reports that Russian wheat yields are down from a year earlier. September Chicago wheat was up 10 ¼ cents to $7.10 ¾, September Kansas City added 8 ½ cents to $6.68 ¾ and September Minneapolis dropped 18 ¼ cents to $8.97 ¾.

Soybean futures ended mixed, with the nearby August contract pressured by sharp losses in soyoil futures. The new-crop November contract finished with small gains, lifted by forecasts showing little rain for much of the American Midwest for the next two weeks. August beans slipped 4 ¼ cents to 414.39 ¼ and November was 1 ¼ cents higher at $13.89 ¾.

Corn futures were also mixed, with the September contract steady and December lower on the same outlook calling for mostly dry Midwest weather for the next two weeks. September settled at $5.71 ¾ and December gained 2 ¾ cents to $5.68 ½.

Source: DePutter Publishing Ltd.

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