Chicago Mercantile Exchange (CME) live cattle futures fell on Wednesday as boxed beef cutout values turned lower ahead of the U.S. Labor Day holiday on September 2, when many Americans light up their grills, traders said.
While the general direction for soybeans and corn on the Chicago Board of Trade is to continue moving lower, United States wheat was on the rise and is to remain so in the coming weeks, according to a trader.
Chicago soybean and corn futures stumbled on Wednesday as traders assessed whether beneficial rain and forecasts for milder weather will aid the country's corn and soy crops during their final growing stages, analysts said.
Statistics Canada’s production estimates in its principal field crops report issued Aug. 28, came in better than expected according to MarketsFarm analyst Mike Jubinville. While Jubinville thought StatCan might peg the 2024/25 canola crop at around 20 million tonnes, the federal agency placed their call at 19.50 million, while a poll by Reuters expected 19.20 million.
Manitoba Agriculture said the provincewide harvest was at eight per cent complete, according to the department’s latest crop report released on Aug. 27.
Chicago Board of Trade corn, soybean and wheat futures strengthened on Tuesday, as a spell of hot weather hit the U.S. Midwest and the market took in weekly crop ratings from the U.S. Department of Agriculture, which all fell from last week.
A type of genetically modified wheat developed by Argentina's Bioceres Crop Solutions may be safely grown and bred in the United States, the U.S. Department of Agriculture said on Tuesday.
There appears to be very little credibility that will be given to Statistics Canada’s principal field crop report to be issued on Wednesday. The concerns among analysts and brokers include the timing of the report and the use of satellite imagery.
Chicago Board of Trade (CBOT) most-active corn futures Cv1 fell to the lowest levels since 2020 on Monday as expectations of a bumper corn crop and a continued stream of farmer selling weighed on futures, analysts said.
Chicago Mercantile Exchange cattle futures were mostly stable on Friday on pre-weekend positioning following a technical-driven selloff this week, traders said.