Wheat prices continues drop to new record lows; Soybeans firm

Wheat & Soybeans

U.S. Wheat futures slumped to new contract lows, weighed down by extended falls of technical selling and global supplies which started in early July.

Traders were tracking the annual Farm Journal Midwest Crop Tour, which found below-average corn yield potential in Indiana and above-average in Nebraska while soybean pod counts were average to below-average in the states.

Rainfall in the Midwest was expected to benefit both corn and soybean fields and crop-friendly weather in recent weeks continued to anchor prices.

Wheat futures notched the largest moves of each of the commodities. Benchmark CBOT December wheat closed eight cents lower at $.29 per bushel, declining 1.7 percent.

MGEX September spring wheat inched up 2 percent or 14 cents to $6.41 per bushel.

The U.S. Department of Agriculture’s Monday data release showed that the U.S. spring wheat harvest was at 58 percent complete, higher than the five-year average pace of 51 percent.

Meanwhile, officials in top world wheat importer Egypt were looking to reject a cargo of Romanian wheat due to the presence of poppy seeds.

CBOT December corn was three cents lower and down to its session low of $3.60 per bushel. This is the contract’s lowest level since its lowest of $3.58-1/2 on Aug. 31, 2016.

On the other hand, CBOT November soybeans advanced 1-1/4 cents to $9.37 per bushel. Soybean prices advanced modestly in four of the past five sessions, supported by recent purchases of U.S. soy supplies by top global buyer China.

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