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Markets

Corn, soybeans lower as extended weather shows dryness easing

  • Wheat traded both sides of even as concerns over unfavourable weather in key exporting countries countered pressure from corn and soybeans.
23 Jul 2021

CHICAGO: Chicago Corn and soybean futures slipped on Friday, pressured by extended forecasts calling for cooler weather into August, though hot, dry weather in the coming week across the U.S. Midwest underpinned prices.

Wheat traded both sides of even as concerns over unfavourable weather in key exporting countries countered pressure from corn and soybeans.

The most-active corn contract on the Chicago Board Of Trade (CBOT) lost 12 cents to $5.49-1/4 per bushel by 11:09 a.m. CDT (1609 GMT).

CBOT corn may test resistance at $5.71-1/4

Soybeans fell 2 cents to $13.60-1/4, while wheat lost 2-3/4 cents to $6.89-1/2 per bushel.

Mixed weather forecasts kept corn losses capped, as recent dryness could erode crop conditions when the U.S. Department of Agriculture reports weekly ratings on Monday afternoon.

"Forecasts for the next 10 days are still pretty hot and dusty. But there are some indications for a potential change in the 11-14-day forecasts," said Jack Scoville, market analyst at The Price Futures Group. "It's the uncertainty that's creating a little bit of selling."

Weaker export demand has added pressure, as international buyers are deterred by higher shipping costs.

"It's something we hear from Chinese buyers every time we talk to them, complaining more about high ocean freight rates," said Arlan Suderman, chief commodities economist at StoneX.

Corn eases after 3 sessions of gains, US crop worries limit losses

China's soybean imports are set to slow sharply in late 2021 from a record first-half tally, confounding expectations for sustained growth from the top global buyer and denting market sentiment just as U.S. farmers look to sell their new crop.

Dry weather in top wheat exporters Russia and North America is supporting prices.

Russia's agriculture ministry said yields from the harvest of the country's wheat crop averaged 3.45 tonnes per hectare as of July 20, down from 3.47 tonnes a year earlier.

Tight wheat supplies have livestock producers considering ration changes.

"There had been a lot of wheat going into the feed bunk, to replace corn, so we're trying to pull that back out of the feed bunk and preserve supplies," said Suderman.

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