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.
Chicago Mercantile Exchange (CME) cattle futures ended higher on U.S. heat concerns and signs of better consumer demand on Tuesday, while lean hog futures set a 12-week high, analysts said.
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.
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 (CME) cattle futures turned higher on technical trading on Monday, as live cattle contracts rose on expected consumer demand and hopes of some cash market prices firming, traders said.
Chicago Mercantile Exchange cattle futures were mostly stable on Friday on pre-weekend positioning following a technical-driven selloff this week, traders said.
Soybeans rose while corn eased on Friday as traders covered short positions ahead of the weekend while monitoring an incoming heatwave that could threaten some crops in the U.S. Midwest, traders said.
Iowa's corn yield potential set a new record high for the Pro Farmer Crop Tour while excessive June rains drove Minnesota's corn yield prospects to the lowest levels since 2012, scouts on an annual tour of top U.S. production states found on Thursday.
Chicago Board of Trade wheat futures hit contract lows on Thursday as low prices for Black Sea wheat and a stronger dollar undercut the competitiveness of U.S. grains, analysts said.