September 25, 2017, 3:22 am
Facebook iconTwitter iconYouTube iconGoogle+ icon

Wheat falls to 17-day low

SYDNEY- US wheat fell 1 percent to hit a 17-day low on Monday as rains across a key producing region weighed on prices, though forecasts for continued dry weather provided a floor to losses.

Corn fell 1 percent, returning much of the gains from the previous session, while soybeans edged lower.

The most active wheat futures on the Chicago Board of Trade were down 1.1 percent at $5.05-1/4 a bushel by 0340 GMT, near the session-low of $5.02-3/4 a bushel - the weakest since June 30. Wheat closed down 0.2 percent on Wednesday.

Analysts said rains across pockets of a key US producing region were pressuring prices, though the timely moisture has done little to relive stress on crops.

“North American spring wheat regions still have large pockets that were very likely to be seeing yields continue to decline,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

Weather models call for continued dry weather across the US Plains, which may see yields fall below official estimates.

Despite the continued dry weather, the US Department of Agriculture last week forecast ample global grain and soy supplies.

The most active corn futures dropped 1.3 percent to $3.84-1/2 a bushel, having gained 1.7 percent in the previous session.

The most active soybean futures Sv1 fell 0.4 percent to $9.97-1/2 a bushel, after firming 1.4 percent on Friday.

The USDA on Friday said exporters sold 1.3 million tons of soybeans to China, an announcement that followed a Thursday signing ceremony between Chinese soy buyers and American sellers in Iowa. – Reuters 
Rating: 
No votes yet

Column of the Day

The sweet in the bittersweet

By JOSE BAYANI BAYLON | September 25,2017
‘Never in our wildest dreams did it ever occur to me - and I am sure to him - that his final months will be spent with the black sheep of the family.’

Opinion of the Day

Barbaric fraternities (3)

By DAHLI ASPILLERA | September 25, 2017
‘Identified by his father in a deep ravine, where a dead EJ Karl Intia, 19, U-Makati, was thrown after initiation. Where are those 15 participants at that APO hazing?’