The result of a massive selling off that was triggered by escalating trade tensions was the lowering of the Chicago Board of Trade (CBOT) agricultural commodities by more than one percent in the past trading week that ended June 22.
There was a fall of 1.21 per cent or 11 cents weekly in the price of soybeans which was the most active contract for July, and the price touched 8.945 dollars per bushel. There was a fall of 4 cents, or 1.1 percent, to 3.5725 dollars per bushel in the July corn delivery. July wheat delivery was down 8.25 cents, or 1.65 percent, to 4.9125 dollars per bushel.
The price of soybean futures touched the lowest level since March 2016 primarily because of the ongoing and escalating trade disputes between the United States and China which continued to pressurize the agriculture futures market. On Tuesday alone, 12,000 contracts of soybeans were sold by funds, reported CBOT brokers and the CBOT is now net short in soybeans.
The losses that were made by soybean futures were not covered by a late revival in the price in late week trading driven primarily by bargain hunters who snapped up the low cost supplies and contracts and resulted in gains of 15 cents.
73 percent of soybean crop condition were rated as good/excellent by the U.S. Department of Agriculture (USDA) in its latest weekly crop progress report. However, that point was a point below a week ago but was over and above the 67 percent compared to the same period a year ago.
Traders are expecting record large soybean stocks details of which are to be disclosed in the quarterly stocks and acreage reports. But according to analysts, June-August exports determines the soybean outlook.
A bargain buying and reducing crop outlooks in Russia Black Sea and Australia resulted in a rebound for three sessions in a row this week for CBOT wheat that has undergone big losses in the previous week.
A dry spring and early summer have bene experienced by Eastern Ukraine and southern Russia. It is expected that over the next ten days, crops there would be impacted by excessive heat. Additionally, reportedly at record low is spring wheat planted area in Russia.
So far it has bene a smooth run for the U.S. winter wheat harvest. And compared to 70 percent a week ago, about 78 percent of the U.S. spring wheat was rated to be good/excellent by the and USDA.
According to observers with AgResoure, a Chicago-based agricultural advisory and research company, the potential for U.S. wheat export will be the best in years.
The Mexican announcement of tariffs on U.S. agricultural exports r3e4sulresulted in a modest fall in CBOT corn. In protest and retaliation to the U.S. protectionist measures, tariffs are being implemented by India, Turkey and the Europe Union.
According to market experts, is if the present trade tensions between US and its trade partners continues, there would be continued uncertainty and even jeopardy for U.S. export sales of its agricultural commodities.
(Source:www.xinhuanet.com)
There was a fall of 1.21 per cent or 11 cents weekly in the price of soybeans which was the most active contract for July, and the price touched 8.945 dollars per bushel. There was a fall of 4 cents, or 1.1 percent, to 3.5725 dollars per bushel in the July corn delivery. July wheat delivery was down 8.25 cents, or 1.65 percent, to 4.9125 dollars per bushel.
The price of soybean futures touched the lowest level since March 2016 primarily because of the ongoing and escalating trade disputes between the United States and China which continued to pressurize the agriculture futures market. On Tuesday alone, 12,000 contracts of soybeans were sold by funds, reported CBOT brokers and the CBOT is now net short in soybeans.
The losses that were made by soybean futures were not covered by a late revival in the price in late week trading driven primarily by bargain hunters who snapped up the low cost supplies and contracts and resulted in gains of 15 cents.
73 percent of soybean crop condition were rated as good/excellent by the U.S. Department of Agriculture (USDA) in its latest weekly crop progress report. However, that point was a point below a week ago but was over and above the 67 percent compared to the same period a year ago.
Traders are expecting record large soybean stocks details of which are to be disclosed in the quarterly stocks and acreage reports. But according to analysts, June-August exports determines the soybean outlook.
A bargain buying and reducing crop outlooks in Russia Black Sea and Australia resulted in a rebound for three sessions in a row this week for CBOT wheat that has undergone big losses in the previous week.
A dry spring and early summer have bene experienced by Eastern Ukraine and southern Russia. It is expected that over the next ten days, crops there would be impacted by excessive heat. Additionally, reportedly at record low is spring wheat planted area in Russia.
So far it has bene a smooth run for the U.S. winter wheat harvest. And compared to 70 percent a week ago, about 78 percent of the U.S. spring wheat was rated to be good/excellent by the and USDA.
According to observers with AgResoure, a Chicago-based agricultural advisory and research company, the potential for U.S. wheat export will be the best in years.
The Mexican announcement of tariffs on U.S. agricultural exports r3e4sulresulted in a modest fall in CBOT corn. In protest and retaliation to the U.S. protectionist measures, tariffs are being implemented by India, Turkey and the Europe Union.
According to market experts, is if the present trade tensions between US and its trade partners continues, there would be continued uncertainty and even jeopardy for U.S. export sales of its agricultural commodities.
(Source:www.xinhuanet.com)
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