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Sep 28, 2021 • 13 minutes in the past • 2 minute learn • Be a part of the dialog
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CHICAGO — U.S. corn futures had been down about 1% on Tuesday on macroeconomic worries because the greenback strengthened and crude oil futures turned down, and on harvest-related promoting as combines rolled within the coronary heart of the Midwest, analysts mentioned.
Soybeans and wheat adopted the weak pattern.
As of 12:55 p.m. CDT (1755 GMT), Chicago Board of Commerce December corn was down 5-3/4 cents at $5.33-3/4 per bushel, turning decrease after a climb to $5.41-3/4, its highest since Aug. 31.
November soybeans had been down 10-3/4 cents at $12.76-3/4 a bushel and CBOT December wheat was down 12-1/2 cents at $7.09-3/4 a bushel.
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“We’ve bought a risk-off local weather. You see it within the energies, and it’s spilling over into the grains. The greenback is considerably stronger… That’s bought strain on commodities as an entire,” mentioned Ted Seifried, chief ag market strategist for Zaner Ag Hedge Group.
The U.S. greenback index hit its highest stage since early November as an increase in Treasury yields made the dollar extra enticing to traders. A firmer greenback additionally tends to make U.S. grains much less enticing to these holding different currencies.
U.S. crude oil futures turned decrease after hitting their highest since July.
In the meantime, the Midwest harvest is below method, including seasonal strain. The U.S. Division of Agriculture (USDA) mentioned 18% of the nation’s corn had been lower as of Sunday together with 16% of the soybean crop, each barely forward of the five-year averages of 15% and 13%, respectively.
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“Demand for grains remains to be very sturdy, and the U.S. harvest has picked up,” mentioned Ole Houe, director of advisory companies at brokerage IKON Commodities in Sydney. “There may be prone to be a little bit of harvest strain beginning to present up.”
Via its every day reporting system, the USDA confirmed personal gross sales of 150,000 tonnes of U.S. corn to Mexico.
Merchants are looking forward to the USDA’s Sept. 30 quarterly shares report. Analysts surveyed by Reuters on common count on the federal government to report U.S. Sept. 1 corn shares at 1.155 billion bushels, beneath the 1.187 billion bushels that the USDA projected in its final month-to-month provide/demand report on Sept. 10.
Analysts on common pegged Sept. 1 soybean shares at 174 million bushels, near the 175 million bushels that the USDA projected on Sept. 10. (Further reporting by Naveen Thukral in SIngapore and Sybille de La Hamaide in Paris; modifying by Subhranshu Sahu, Mark Potter and Nick Macfie)
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