Wheat up 1-2 cents, corn down 3-4, soy down 2-5
Wheat - Up 1 to 2 cents per bushel
Wheat futures firmed slightly, though expectations of strong global supply continued to hang over the market.
Russia, the world's biggest wheat exporter, has trimmed its forecasts for the 2025 wheat harvest and for wheat exports in the 2025/26 marketing season, Agriculture Minister Oksana Lut told a government meeting on Tuesday.
The U.S. winter wheat harvest is speeding along, with the U.S. Department of Agriculture reporting 73% of the crop has been harvested, compared to 63% harvested in the previous week.
CBOT September soft red winter wheat was last up 1 cent to $5.43-1/4 per bushel. K.C. September hard red winter wheat was last 2-3/4 cents higher to $5.28-1/2 per bushel. Minneapolis September wheat was last up 1/4 cent to $5.87-3/4 a bushel..
Wheat up 7-10 cents, corn up 3-6, soybeans up 8-12
Corn - Down 3 to 4 cents per bushel
Corn futures ticked down following strong crop ratings released by the USDA and forecasts for crop-friendly rain in the U.S. Midwest.
The USDA rated 74% of the U.S. corn crop in good-to-excellent condition as of Sunday, the highest rating for this time of year since 2016 and unchanged from the previous week.
CBOT December corn was last down 4-1/4 cents to $4.18 per bushel.
Soybeans - Down 2 to 5 cents per bushel
Soybeans fell on beneficial crop weather in the U.S. Midwest as well as expectations of a plentiful global supply.
The USDA rated 68% of the soybean crop in good-excellent condition, down from 70% the previous week and below the average analyst estimate.
The USDA may have lowered soy condition ratings due to dryness in parts of the U.S. soy belt, analysts said.
CBOT November soybeans were last 2-3/4 cents lower to $10.23-1/4 per bushel.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
Gold gains as Trump doubles India tariffs, boosting safe-haven demand
Gold rose on Thursday, supported by renewed safe-haven demand after U.S. President Donald Trump slapped an additional 25% tariff on Indian imports, escalating trade frictions. Spot gold was up 0.4% at $3,380.76 per ounce as of 0247 GMT. U.S. gold futures gained 0.3% to $3,443.30. 'Trump has been dishing up fresh tariff threats which is keeping gold in the frame as a defensive play for investors,' Tim Waterer, chief market analyst at KCM Trade said. 'Gold is moving towards the doorstep of the psychological $3400, with risk-assets being kept off-balance somewhat by the constant tariff proclamations by the U.S. President.' Trump on Wednesday slapped an additional 25% tariff on imports of Indian goods, citing New Delhi's continued buying of Russian oil, deepening a trade rift between the two nations after talks reached a deadlock. The new import tax, effective 21 days after August 7, will raise duties on some Indian exports to as high as 50% - among the highest levied on any U.S. trading partner. Adding to gold's support, the dollar index hovered near a more than one-week low after surprisingly weak U.S. jobs data last week triggered bets for U.S. rate cuts in September. A weaker dollar makes gold less expensive for holders of other currencies. Traders are now pricing in a 94% chance of a 25-basis point rate cut next month, according to the CME Group's FedWatch Tool, opens new tab. The Federal Reserve may need to cut rates in the near-term in response to a slowing U.S. economy, even though it remains unclear whether tariffs will continue to push inflation higher, Minneapolis Fed President Neel Kashkari said. Gold, traditionally considered a safe-haven asset during political and economic uncertainties, tends to thrive in a low-interest-rate environment. Elsewhere, spot silver rose 0.3% to $37.98 per ounce, platinum lost 0.7% to $1,324.26 and palladium shed 0.8% to $1,141.56.
Business Recorder
an hour ago
- Business Recorder
Oil prices rise on US demand strength, though sanctions uncertainty remains
TOKYO: Oil prices rose on Thursday, pausing a five-day losing streak, on signs of steady demand in the U.S., the world's biggest oil user, though the prospect of U.S.-Russian talks on the Ukraine war eased concerns of supply disruptions from further sanctions. Brent crude futures rose 20 cents, or 0.3%, to $67.09 a barrel by 0039 GMT while U.S. West Texas Intermediate crude was at $64.57 a barrel, up 22 cents, or 0.3%. Both benchmarks slid about 1% to their lowest in eight weeks on Wednesday after U.S. President Donald Trump's remarks about progress in talks with Moscow. Trump could meet with Russian President Vladimir Putin as soon as next week, a White House official said on Wednesday, though the U.S. continued preparations to impose secondary sanctions, including potentially on China, to pressure Moscow to end the war in Ukraine. Russia is the world's second-biggest producer of crude after the U.S. Still, oil markets were supported from a bigger-than-expected draw in U.S. crude inventories last week. The Energy Information Administration said on Wednesday that U.S. crude oil stockpiles fell by 3 million barrels to 423.7 million barrels in the week ended August 1, exceeding analysts' expectations in a Reuters poll for a 591,000-barrel draw. Inventories fell as U.S. crude exports climbed and refinery runs climbed, with utilization on the Gulf Coast, the country's biggest refining region, and the West Coast climbing to their highest since 2023. But the unsettled nature of the talks and the overall supply and demand situation with major producers increasing their output has made investors cautious, said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities. 'Uncertainty over the outcome of the US-Russia summit, possible additional tariffs on India and China - key buyers of Russian crude - and the broader impact of U.S. tariffs on the global economy are prompting investors to stay on the sidelines,' said Kikukawa. 'With planned OPEC+'s output increases weighing on prices, WTI will likely remain in the $60-$70 range for the rest of the month,' he said, referring to the Organization of the Petroleum Exporting Countries and its allies including Russia. Adding to the pressure on Russian oil buyers, Trump on Wednesday imposed an additional 25% tariff on Indian goods, citing their continued imports of Russian oil. The new import tax will go into effect 21 days after August 7. Trump also said he could announce further tariffs on China similar to the 25% duties announced earlier on India over its purchases of Russian oil.
Business Recorder
3 hours ago
- Business Recorder
Iron ore drifts lower
BEIJING: Iron ore futures ticked down on Wednesday, as concerns of demand languishing in coming weeks in top consumer China and some investors liquidating positions to shift their focus to coking coal weighed. The benchmark September iron ore on the Singapore Exchange slid 0.56% to $101.9 a metric ton, as of 0205 GMT. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) was little changed at 795.5 yuan ($110.65) a ton. Buying in the spot market is weak as mills are cautious about stockpiling raw materials ahead of the upcoming big event in September, dragging futures prices, said Cao Ying, a Beijing-based analyst at broker SDIC Futures. The big event refers to a September 3 Beijing ceremony, commemorating the 80th anniversary of the end of World War Two. Chinese steelmakers, especially those in the northern region, usually constrain production before big events to ensure air quality in Beijing. 'Speculative sentiment is also very poor as a large amount of capital flowed into the more volatile coal market,' SDIC's Cao added. Open interest for iron ore in Dalian fell by 4.2% from the day before on Tuesday while that for Dalian coking coal jumped by 13.7%.
