2024-04-11 01:55:27
Trading conditions in the CBOT commodity market on Wednesday (April 10). Agricultural product contracts adjusted without direction. Corn and wheat futures rose as traders adjusted their portfolios. Meanwhile, the soybean contract dropped.
The corn contract will be delivered in May. Rose 3.00 cents, or +0.70%, to close at $4.3425/bushel, July wheat contracts. rose 0.75 cents, or +0.13%, to close at $5.5850/bushel. and soybean contracts for delivery in July fell 9.75 cents, or -0.83%, to close at $11.6475/bushel.
Soybean futures fell further following hitting a one-month low. Traders await the U.S. Department of Agriculture’s (USDA) monthly supply and demand report and monthly national production forecast from Conab, Brazil’s agricultural produce agency.
Analysts are also waiting for the release of information from the two reports. To understand that Why have previous estimates of Brazilian soybean yields from the USDA and Conab been inconsistent?
“Many market participants think there is more soybean production than Conab is talking regarding,” said Michael Cordonnier of Soybean & Corn Advisor.
Mr. Cordonnier said. Good weather has been good for corn in Argentina, but crops there are also being affected by corn dwarfism.
“Everyone expected that corn that was planted later in Argentina would have a much lower yield,” Cordonnier said.
Analysts in a Reuters poll expected the USDA report to show year-end U.S. corn stocks for 2023-2024 fell to 2.102 billion bushels. This is from the previous estimate of 2.172 billion bushels last month. Meanwhile, stocks of wheat and soybeans are expected to increase.
Ted Seyfried, vice president of Zaner Group, expects the USDA report to be a slight negative influence on agricultural contract prices. And will have to wait until there are weather problems. Agricultural contract prices will return to positive once more.
After the CBOT market is closed, Argentina’s Rosario grain exchange lowered its 2023/24 corn production forecast to 50 million metric tons from 57 million metric tons previously. They reasoned that it was because of the Spiroplasma dwarf corn disease that was spread by leafhoppers.
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