By Tom Polansek
CHICAGO, Aug 30 (Reuters) – Chicago Board of Commerce grain and soybean futures fell on Monday after favorable weekend rains within the U.S. Farm Belt and on expectations that approaching autumn harvests will enhance provides.
Rains throughout Iowa and Minnesota benefited crops, brokers stated, after dryness threatened fields in components of the Midwest earlier this summer season.
“The talk is on: How a lot did that rain assist us?” stated Don Roose, president of Iowa-based brokerage U.S. Commodities. “The vote in the present day is it helped.”
The U.S. Division of Agriculture is anticipated to fee 56% of the nation’s soybean crop in good to wonderful situations, unchanged from the earlier week, in accordance with analysts polled by Reuters. They count on the company to fee 59% of corn pretty much as good to wonderful, down from 60% per week earlier.
“Though rains are late for U.S. corn, many of the northern/central Midwest is getting a pleasant drink,” stated Matt Ammermann, StoneX commodity threat supervisor. “Temperatures are forecast to stay about regular, which is optimistic information for U.S. crops.”
Most-active soybeans Sv1 fell 23-1/four cents to $13.00 a bushel by 1:05 p.m. CDT (1805 GMT) on the CBOT. Corn Cv1 fell 13 cents to $5.40-3/four a bushel, whereas wheat Wv1 dropped 7 cents to $7.25-1/2 a bushel.
Merchants are adjusting positions forward of first discover day on Tuesday, analysts stated. Deliveries in opposition to CBOT September grain and soy futures must be minimal, merchants and analysts stated, citing dwindling provides left from the 2020 U.S. harvest and agency money markets.
Analysts are additionally assessing disruptions to grain exports from Hurricane Ida at a time when international provides are tight and demand from China is robust.
Cargill Inc stated a grain terminal in Reserve, Louisiana, sustained important injury.
In different export information, Egypt’s state grains purchaser purchased 120,00zero tonnes of Romanian wheat and 60,00zero tonnes of Ukrainian wheat in a world tender.
(Reporting by Tom Polansek in Chicago, and Michael Hogan in Hamburg. Extra reporting by Naveen Thukral in Singapore; Modifying by Hugh Lawson and Jonathan Oatis)
(([email protected]; https://twitter.com/tpolansek))
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.
www.nasdaq.com