3 weeks ago

Chicago grain futures weaken ahead of USDA crop report

Chicago grain futures weaken ahead of USDA crop report
Chicago grains weaken in positioning ahead of USDA report · livemint.com

Farmers grow corn, soybeans, and wheat, and their prices change every day on big food markets.

On Tuesday, prices for these grains fell in Chicago.

That's because traders were getting ready for a big report from the U.S. Department of Agriculture on Wednesday.

The report will say how much corn and soybeans farmers are expected to grow this year.

Traders think the report will show slightly less corn per field, but they already had a pretty good idea of that.

There has also been rain and cooler weather for the crops, which helps plants grow.

Good weather usually means more food, and more food means lower prices.

Wheat prices also dropped even though some ships in the Black Sea had been having trouble, because people think the shipping problems won't last forever.

Overall, the market went down because traders didn't have exciting new news to push prices up.

Lower grain prices can be good for people who buy food.

Key facts

Corn settlement
$4.60-1/2 per bushel, down 1-1/4 cents
Soybean settlement
$11.68-3/4 per bushel, down 10-1/4 cents
Wheat settlement
$6.30-1/4 per bushel, down 10-1/4 cents
Expected 2026 corn yield
182.4 bushels per acre, down from 183.0
USDA report release
Wednesday, August 12 - August supply-and-demand report
Crop conditions
Soybean rating trimmed after Monday's close; corn rating steady
Recent weather
Rain and milder temperatures after July heat and dryness

Quotes

Randy Place

Analyst at Hightower Report

“It's tough to keep the market strong without consistent bullish news, it's difficult to keep prices up when you have big rains coming just where producers need it.”
livemint.com

Sources

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