Chicago corn futures closed -1.8% to a six-7 days low on Tuesday, pressured by a U.S. Department of Agriculture report that farmers produced fantastic development in their delayed planting jobs for the duration of the earlier week, Reuters reviews.
The USDA’s most recent Crop Progress report stated 72% of the U.S. corn crop experienced been seeded as of May 22, near the large end of expectations and up from 49% a 7 days previously, aiding corn for July shipping (C_1:COM) slide $.145 to $7.71 3/4 for each bushel, right after investing as minimal $7.62, the lowest for a most-energetic deal due to the fact April 11.
Other factors also are pressuring corn futures, in accordance to Arlan Suderman of StoneX: The Biden Administration is reported to be contemplating waivers on gasoline blending necessities, reflecting desire dangers for producing ethanol, and Brazil claimed it signed an agreement to provide corn to China, which could limit export demand for the U.S. solution.
Though the USDA report showed ongoing delays in spring wheat planting, with only 49% planted vs. the five-yr regular of 83%, fund traders actively bought wheat futures on specialized selling and earnings taking, Joel Karlin of Western Milling instructed The Wall Street Journal.
CBOT July wheat (W_1:COM) settled -3% to $11.54 3/4 a bushel, its fourth losing session out of the previous 5, and July soybeans shut +.4% to $16.93 a bushel soybeans (S_1:COM) are 50% planted, as opposed to a 5-12 months normal of 55%, according to the USDA report.
ETFs: (NYSEARCA:CORN), (WEAT), (SOYB)
Beneath-regular spring wheat planting just lately lifted wheat futures to multimonth highs.