Wheat, corn recover after slide; soy hits 2020 low

GLOBAL-GRAINS/ (UPDATE 4):GRAINS-Wheat, corn recover after slide; soy hits 2020 low

Reuters
First Published10 Jul 2024, 01:30 AM IST
Wheat, corn recover after slide; soy hits 2020 low
Wheat, corn recover after slide; soy hits 2020 low

(Updates with settlement prices, updates lede and graf 6)

By Heather Schlitz

CHICAGO, July 9 (Reuters) - Chicago wheat and corn futures ticked higher on Tuesday after sharp declines on Monday, while most-active soybean futures closed at their lowest point in nearly four years, as expectations of ample supplies from northern hemisphere harvests hung over the market.

Rains from Hurricane Beryl are expected to provide beneficial moisture across the U.S. Midwest, while strong ratings of the U.S. corn and soy crop have continued to exert downward pressure on corn and soy futures, traders said.

Despite the bearish news supporting big U.S. crops, CBOT corn ended up 3/4 cent at $4.08-1/2 a bushel on a technical bounce after approaching a four-year low on Monday.

"We overdid it yesterday," Jack Scoville, analyst at Price Futures Group, said. "We've taken corn as cheap as it's going to go."

Though corn prices have recovered, soy futures continue facing challenges from a lack of demand, weak crush margins and a global oversupply, traders said.

CBOT soybeans settled down 19-1/2 cents at $10.80 a bushel, hitting its lowest point since November 3, 2020. August soybean futures hit a life-of-contract low, settling at $11.31-1/4 per bushel.

The most-active wheat contract on the Chicago Board of Trade (CBOT) closed up 1-1/2 cents at $5.72 a bushel.

Wheat futures have benefited from strong export sales, lingering concerns over yield from the European wheat crop and worries that rains from Hurricane Beryl may slow the wheat harvest in the U.S. Plains.

However, supply pressure has also come from improving conditions for wheat in top exporter Russia, taking attention away from rain-affected prospects in France where the farm ministry said on Tuesday it expects the main wheat crop to shrink by 15% from last year.

The U.S. Department of Agriculture (USDA) increased its ratings of corn, soy and spring wheat crops while estimating that nearly two-thirds of winter wheat had been harvested in Monday's crop progress report.

Traders are also turning attention to Friday's USDA monthly supply and demand forecasts.

(Reporting by Heather Schlitz in Chicago. Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Rashmi Aich, Varun H K and Tomasz Janowski)

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:10 Jul 2024, 01:30 AM IST
HomeNewsWheat, corn recover after slide; soy hits 2020 low

Most Active Stocks

Bandhan Bank

198.35
10:09 AM | 16 JUL 2024
3 (1.54%)

Oil & Natural Gas Corporation

325.60
10:09 AM | 16 JUL 2024
3.05 (0.95%)

Indian Oil Corporation

172.05
10:09 AM | 16 JUL 2024
2.45 (1.44%)

Tata Steel

168.35
10:09 AM | 16 JUL 2024
1.55 (0.93%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

HBL Power Systems

671.00
10:02 AM | 16 JUL 2024
40.95 (6.5%)

Godawari Power And Ispat

1,181.65
10:02 AM | 16 JUL 2024
65.15 (5.84%)

Sunteck Realty

642.00
10:02 AM | 16 JUL 2024
34.5 (5.68%)

Tata Teleservices Maharashtra

81.37
10:02 AM | 16 JUL 2024
4.27 (5.54%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,318.00-453.00
    Chennai
    74,755.00928.00
    Delhi
    75,266.001,294.00
    Kolkata
    75,047.001,002.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.01
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanMint Shorts