Chicago wheat and corn gained strength on Wednesday as the market monitored a hot, dry spell forecast in parts of North America, but gains were capped by sizeable global supplies.
The price rally in Chicago Board of Trade (CBOT) corn futures extended into a second day on Tuesday, with the most-active contract Cv1 reaching a two-week high, as traders began to focus on weather-related impacts on the U.S. crop and short-covering, market analysts said.
Chicago Board of Trade soybean futures jumped on Monday on a flurry of short covering, with prices rebounding from last week's 2020 lows as traders re-evaluated the U.S. political landscape after U.S. President Joe Biden abandoned his reelection bid on Sunday.
Chicago Board of Trade wheat futures climbed on Friday on short-covering and concerns over weather in wheat-growing areas of the U.S. Plains and globally.
Chicago Board of Trade (CBOT) soybean futures rose on Thursday on bargain buying and signs of renewed export demand after the most-active contract Sv1 fell to a nearly four-year low in early trading, analysts said.
U.S. wheat futures rose 1.6 per cent on Wednesday on bargain buying one day after a drop in prices to four-month lows appeared to spur fresh export business, traders said.
Chicago soybean and corn futures firmed on Tuesday after hitting multi-year lows on bargain buying and forecasts for lower harvests in some parts of the world, according to analysts.
U.S. soybean futures fell to their lowest level in nearly four years on Monday and corn and wheat futures followed the weaker trend as rains bolstered Midwest production prospects and traders worried about demand for big crops, analysts said.
Chicago Board of Trade corn futures rebounded off of multi-year lows on Friday, and soybean futures briefly turned higher, as a government report forecast tighter stocks than traders had expected.
Chicago wheat, corn and soybean futures regained ground on Thursday after Wednesday's dramatic losses as investors covered short positions ahead of the U.S. Department of Agriculture's supply and demand report set to be released on Friday.