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US Crop Futures Hover Near Seasonal Lows
Favorable Weather Keeps Corn on Track for Record Harvest
Crop futures were hovering near recent low levels in Chicago as the weather remained broadly favorable for U.S. fields ahead of a weekly conditions report due later Aug. 4.
Corn is holding above the key psychological threshold of $4 a bushel with America鈥檚 most widely grown crop on track for a record harvest. Meanwhile, soybeans have drifted below $10 a bushel while wheat fell to a 12-week low before ticking slightly higher.
That鈥檚 as ample rainfall has boosted yield prospects while demand for grains remains relatively strong.
鈥淭hose hoping for a weekend shift in the bearish tone did not get it and prices are starting off the week testing the contract lows,鈥 Hightower Report said of the corn market. 鈥淟ast year鈥檚 dry and hot pattern in August, which adversely affected grain fill, does not look to be a major issue this year and the crop remains on track to be very large.鈥
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(Bloomberg)
Meanwhile, export inspections climbed for wheat and soybeans but fell for corn, according to Department of Agriculture data Aug. 4.
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The agency will release crop ratings after the close of trading.
