The futures contracts soy and corn on the Chicago Stock Exchange fell on Tuesday, as investors adjusted positions ahead of the US government’s main monthly reports. USA on global supply and demand.
Traders were focused on the size of the harvests of corn It is soy at Argentinaas drought crippled crops from this key global supplier during planting and early stages of development.
O US Department of Agriculture (USDA) will provide a further update on its view of the damage done to crop prospects in its World Agricultural Supply and Demand Estimates report on Wednesday.
“Usually February is a benign report, (but) Argentina will be something of a wild card,” said Terry Reilly, senior analyst at Futures International.
Wheat futures were mixed. The contracts of wheat hard red winter weather in Kansas rose on concerns about tight supplies of high-protein wheat and new forecasts of dry weather in key producing areas of the US Plains.
But the Chicago Board of Trade’s most active red soft winter wheat contracts turned weaker on prospects for a strong US Midwest crop and concerns over US supplies struggling to find traction in the export market.
Chicago March Soybean futures fell 6 cents at $15.1525 a bushel. March corn fell 5 cents to $6.74 a bushel.
Chicago wheat ended down 50 cents at $7.4975 a bushel, while Kansas wheat rose 10.50 cents to $8.8650 a bushel.
Source: Moneytimes
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