Soybeans slump on greenhouse weather in US
CHICAGO, - Chicago soybean futures eased on Monday as favorable U.S. crop weather took the focus away from U.S. strikes on Iran conducted over the weekend.
November soybeans were down 13-3/4 cents by 11:40 CST at $10.47 per bushel.
Chicago corn also fell on weather pressure, and wheat ticked down with an accelerating harvest.
Forecasts for the week of July 2 show warm but wet conditions across the U.S. corn belt, said Brian Hoops, president of Midwest Market Solutions.
The weather will create "a near greenhouse effect," said Hoops, with benefits for corn and soybean crops.
Those advantageous conditions outweighed the earlier impact of oil prices surging after the U.S. targeted Iranian nuclear sites over the weekend.
Oil prices fell 1% on Monday after reaching a five-month high as market players assessed the impact on transit of oil and gas via the Strait of Hormuz after the U.S. airstrikes.
Soyoil is closely tied to crude oil prices because it is used in biofuel as a substitute for fossil fuel.
But, said Karl Setzer, partner at Consus Ag Consulting, "the lack of a weather story on the U.S. crop is more negative right now than any potential blow-up between the U.S. and Iran."
September corn slipped 7-1/4 cents to $4.18-1/4 per bushel, having hit contract lows earlier in the session.
September wheat was 13 cents weaker at $5.70-1/2 a bushel.
And in wheat, U.S. weather conditions in the coming weeks will favor harvesting, said analysts.
"Hotter and drier weather is forecast for the winter wheat Plains, which should help advance the winter wheat harvest, with good rains forecast for the spring wheat belt," said Hoops.
Conditions will also improve in the Canadian Prairies, added Terry Reilly, senior agricultural strategist at Marex.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
an hour ago
- Mint
Crude prices fall after report of OPEC planning August output boost
HOUSTON (Reuters) -Brent and U.S. West Texas Intermediate crude prices fell on Friday, reversing gains after a report that OPEC was planning to hike production in August following an increase planned for July. Brent crude futures were down 25 cents, or 0.37%, to $67.48 a barrel by 1615 GMT, while U.S. West Texas Intermediate crude fell 20 cents, or 0.31%, to $65.04. Four delegates from OPEC , which includes allies of the Organization of Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day (bpd) following a similar size output increase already planned for July. "The report about an OPEC increase came out and prices cratered," said Phil Flynn, senior market analyst with Price Futures Group. Crude prices were already headed for a 12% decline for the week following the cease-fire between Israel and Iran. During the 12-day war that started after Israel targeted Iran's nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after U.S. President Donald Trump announced an Iran-Israel ceasefire. "The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market," said Rystad analyst Janiv Shah. He said the market was also keeping an eye on the July 6 meeting of the OPEC group of oil producers, adding that summer demand indicators were key as well. Flynn said expectations of higher demand in the coming months gave crude a boost earlier on Friday. "We're getting a demand premium on oil," Flynn said. Prices had also been supported earlier in Friday's session by multiple oil inventory reports that showed strong draws in middle distillates, said Tamas Varga, a PVM Oil Associates analyst. Data from the U.S. Energy Information Administration on Wednesday showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising. [EIA/S] Meanwhile, data on Thursday showed that independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to their lowest in over a year, while Singapore's middle distillates inventories declined as net exports climbed week on week. Additionally, China's Iranian oil imports surged in June as shipments accelerated before the Israel-Iran conflict and demand from independent refineries improved, analysts said. China is the world's top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day of Iranian crude from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.
India.com
an hour ago
- India.com
US to invest Rs 2,564,580,210,000 in Iran for civil nuclear programme, huge relief for Tehran as..., another Rs 517,263,006,000 from...
New Delhi: America is considering helping Iran to develop its civil energy production nuclear programme. What is America's plan for Iran? According to a CNN report, America has proposed an investment of $ 30 billion (about Rs 2.5 lakh crore) to Iran, under which Iran can start a nuclear programme for civil energy without enriching uranium. This is part of measures that the USA is trying to implement and coax Iran to get back to the negotiating table. These measures include easing sanctions, releasing frozen funds, and facilitating a multi-billion-dollar investment in a civilian nuclear energy programme. The CNN reported this citing four sources familiar with the matter. Big investment for civilian energy According to CNN, the proposal includes several incentives for Iran like a big investment in non-enrichment nuclear infrastructure for civilian energy, relief from sanctions, and access to $6 billion in Iranian assets currently frozen in foreign accounts. Discussions have continued despite recent military strikes between Israel and Iran. US officials and Middle East intermediaries have been engaging Iran behind closed doors, as per sources. Talks have intensified since a fragile ceasefire was reached this week, brokered by US President Donald Trump. 'There are a lot of ideas being thrown around by different people, and a lot of them are trying to be creative,' a source was quoted as saying by CNN. Iran's new nuclear programme Civil Energy Production Nuclear Program is a nuclear programme that is used only to generate electricity or energy, not to make weapons. In this, nuclear power plants are built which generate electricity using nuclear reactions. It has nothing to do with military purposes or weapons. Are US-Iran talks on cards? This step is being described as a part of the effort to start peace talks between the US and Iran. On June 20, a secret meeting was held between US envoy Steve Witkoff and the leaders of the Gulf countries at the White House. The proposal was discussed in it. The US says that it will not directly provide money for this programme, but it hopes that other Gulf countries will invest in it. Qatar, which played a vital role in Israel-Iran ceasefire, will mediate US-Iran talks.
Mint
3 hours ago
- Mint
Crude prices fall after report of OPEC planning August output boost
HOUSTON (Reuters) -Brent and U.S. West Texas Intermediate crude prices fell on Friday, reversing gains after a report that OPEC was planning to hike production in August following an increase planned for July. Brent crude futures were down 25 cents, or 0.37%, to $67.48 a barrel by 1615 GMT, while U.S. West Texas Intermediate crude fell 20 cents, or 0.31%, to $65.04. Four delegates from OPEC , which includes allies of the Organization of Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day (bpd) following a similar size output increase already planned for July. "The report about an OPEC increase came out and prices cratered," said Phil Flynn, senior market analyst with Price Futures Group. Crude prices were already headed for a 12% decline for the week following the cease-fire between Israel and Iran. During the 12-day war that started after Israel targeted Iran's nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after U.S. President Donald Trump announced an Iran-Israel ceasefire. "The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market," said Rystad analyst Janiv Shah. He said the market was also keeping an eye on the July 6 meeting of the OPEC group of oil producers, adding that summer demand indicators were key as well. Flynn said expectations of higher demand in the coming months gave crude a boost earlier on Friday. "We're getting a demand premium on oil," Flynn said. Prices had also been supported earlier in Friday's session by multiple oil inventory reports that showed strong draws in middle distillates, said Tamas Varga, a PVM Oil Associates analyst. Data from the U.S. Energy Information Administration on Wednesday showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising. [EIA/S] Meanwhile, data on Thursday showed that independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to their lowest in over a year, while Singapore's middle distillates inventories declined as net exports climbed week on week. Additionally, China's Iranian oil imports surged in June as shipments accelerated before the Israel-Iran conflict and demand from independent refineries improved, analysts said. China is the world's top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day of Iranian crude from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data. (Reporting by Erwin Seba in Houston, Siyi Liu in Singapore and Nicole Jao in New York; Editing by Mark Potter, David Evans and Emelia Sithole-Matarise)
