Soybean and consolidation of corn with USDA plant reports
Chicago Corn and Soybean Futures changed slightly on Tuesday because the quadratic traders of the position before the US government estimate this weekend were carefully monitored as a measure of US potential and export production this season.
Wheat is also consolidated because above the contract which was beaten last week in the midst of sufficient supply in exporting countries.
Market participants are waiting for the estimated offering and global demand for the US Department of Agriculture on Friday.
In a separate weekly report on Monday, the USDA reduced its ranking for the condition of corn and soybeans for the second week in a row, supporting the expectations of the USDA market will cut the estimated crops in the view of the supply and request on September 12.
“Reduction is not guaranteed, but it is assumed by the industry, because the weather in August is not profitable for corn and soybeans this year, and the weather in September is not much better,” said Arlan Suderman, head of the commodity economist for Stonex, in a note.
The USDA last month estimated that the Bumper Bumper Corn Record and Harvest Plant.
The ranking of plants for US corn is still the highest for the time of the year since 2018, while the soybean score dropped less than expected by the analyst last week.
The USDA report on Friday will also be examined for export adjustments.
Exports quickly helped the price of corn to reach the highest six weeks on Friday, but there was no demand from Top China soybean buyers, in the midst of trade battles with Washington, had burdened the US soybean market.
Chinese soybean imports are in their biggest August, when buyers take large volumes from South America.
“Therefore, further development of soybean prices tends to depend on whether the trade agreement is achieved between the US and China,” Commerzbank said.
The most active soybean contract in the Chicago Trade Council (CBOT) rose 0.15% at $ 10.35-1/4 per bushel at 1111 GMT, while CBOT Corn in the same drops down 0.06% to $ 4.21-1/2 per bushel.
CBOT Wheat marks 0.05% to $ 5.24 per bushel.
The large volume of the harvest of the northern hemisphere together with the warm international demand has wheat prices.
In Russia, the largest wheat supplier in the world, export prices continued to decline last week because some farmers increased harvest sales.
Spring wheat harvests advanced to 85% complete on Sundays, slightly above market expectations, according to USDA.
Source: Reuters
