21.
12.21
06:29

Production concerns are fueling soybean and corn futures

Chicago corn futures are rising this morning while soybeans are up for the sixth straight day on concerns that dry weather could affect production in South America. Wheat is growing moderately.
The Argentine Grain Exchange Buenos Aires announced last week that the central farm belt of the world's leading exporter of processed soybeans would be set to very high temperatures in the coming days, followed by moderate to heavy rainfall.
In the US, crop observers in Kansas said the hurricane-force storms that swept the US Plains Belt last week caused varying degrees of damage to winter wheat crops, already struggling with arid conditions.
Russian agricultural consultancy Sovecon announced yesterday that it has raised its forecast for Russia's wheat harvest in 2022 from the previously expected 80.7 million tons to 81.3 million tons because the weather conditions are favorable for sowing across the country.
Commodity funds at CBoT were net sellers of corn and soybean oil futures contracts and net buyers of wheat, soybean and soybean meal futures yesterday, saidDealers.
Source
Hansa Terminhandel GmbH
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