By Julie Ingwersen
CHICAGO, June 15 (Reuters) – U.S. soybean futures fell on Tuesday on an improved climate outlook for the Midwest crop belt, analysts mentioned.
The forecasts for cooler and wetter situations later this month additionally pressured new-crop corn futures on the Chicago Board of Commerce (CBOT), though front-month July gained towards again months on spreads, reflecting tight provides of old-crop U.S. corn.
CBOT July soybeans SN1 settled down 6-1/2 cents at $14.65-3/Four per bushel, with new-crop November soybeans SX1 down 21-3/Four cents at $13.73-1/2.
CBOT July corn CN1 ended up 8-1/Four cents at $6.67-1/2 a bushel, whereas new-crop December corn CZ1 fell 7-1/2 cents to settle at $5.73-3/4.
CBOT wheat futures fell almost 2% on seasonal stress from the beginning of the Northern Hemisphere harvest. CBOT July wheat WN1 completed down 13 cents at $6.61-1/2 per bushel.
Soybeans and deferred cornsagged as merchants reacted to climate forecasts calling for helpful rains and cooler temperatures subsequent week.
“We’re seeing follow-through promoting from bettering climate. Temperatures had been a bit bit cooler than was forecast the day past,” mentioned Terry Reilly, senior analyst with Futures Worldwide.
Expectations that the moisture would bolster crop prospects helped to overshadow a drop in weekly U.S. crop situation rankings.
The U.S. Division of Agriculture late Monday rated 68% of the U.S. corn crop pretty much as good to glorious, down 4 factors from the earlier week, and 62% of the soybean crop pretty much as good to glorious, down 5 factors.
“Regardless that rankings had been down, they’re most likely going to be higher in a pair weeks as a result of we’re alleged to get rain,” mentioned Jack Scoville, analyst with the Worth Futures Group.
Further stress stemmed from a lower-than-expected month-to-month soy crush determine for Might from the Nationwide Oilseed Processors Affiliation.
NOPA mentioned its members crushed 163.5 million bushels of soybeans in Might, up from 160.Three million in April however beneath a median of analyst expectations for 165.1 million bushels.
CBOT wheat fell because the U.S. winter wheat harvest bought rolling, though the harvest was solely 4% full by Sunday, the USDA mentioned, lagging the five-year common of 15%.
Egypt’s state grains purchaser, the Basic Authority for Provide Commodities, canceled a world wheat buying tender. The company didn’t present a motive, however merchants mentioned excessive freight charges might have been an element.
(Further reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Enhancing by Shounak Dasgupta, Steve Orlofsky, Jan Harvey and Dan Grebler)
(([email protected]; 1-313-484-5283; Reuters Messaging: [email protected]))
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.