By Christopher Walljasper

CHICAGO, July 29 (Reuters)Chicago soybeans rallied on Friday and were set for their biggest weekly rise in 22 years as forecasts of hot and dry weather in the U.S. Midwest raised supply concerns, while strong soymeal demand added support.

Corn made its biggest weekly gain in nearly five months, while wheat finished the week higher after two weeks of decline.

The Chicago Board of Trade’s (CBOT) most-active soybean contract Sv1 added 27-3/4 cents to $16.37 a bushel, climbing 11.99 percent, its biggest weekly climb since July 23, 1999.

CBOT’s most-active corn Cv1 added 1 cent to $6.20 a bushel, making its biggest weekly rise since March 4, while wheat Wv1 fell 9-1/4 cents to $8.07-3/4 a bushel.

Despite recent rains and below-normal temperatures across parts of the U.S. Midwest, forecasts are pointing to hot and dry weather in early August, raising concerns for soybean crops during their crucial pod development, as well as for late-planted corn still pollinating.

“This very hot and dry forecast is coming in right at the time when beans don’t need it,” said Craig VanDyke, senior risk manager at Top Third Ag Marketing. “Does that take some of the top end of the corn too, especially the later planted stuff?”

See also  Black Friday 2022, the offers of Mediaworld, Unieuro and Euronics

Soybean meal set life-of-contract highs in nearly every contract month, as crushers weighed tight old-crop supplies against ample demand.

“Meal supplies are tightening,” said Don Roose, president of U.S. Commodities. “There’s some real world demand underneath the market.”

In the first flash sale in nine days, U.S. exporters reported the sale of 132,000 tonnes of soybeans for delivery to unknown destinations during the 2022/2023 marketing year, the U.S. Department of Agriculture reported on Friday.

The wheat market fell as movement progressed on Ukraine’s grain exports through the Black Sea. Shipments are expected to begin within days.

Ukraine is ready to start shipping grain from two Black Sea ports under a U.N.-brokered agreement, but no date has been set for the first shipment, Ukrainian Infrastructure Minister Oleksandr Kubrakov said.

U.S. soybean crops set to face heat stress in August during crucial developmental phasehttps://tmsnrt.rs/3Q2bHnd

(Reporting by Christopher Walljasper; additional reporting by Naveen Thukral and Sybille de La Hamaide; editing by Will Dunham)

((Christopher.Walljasper@thomsonreuters.com; 1 630 269 3072))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

See also  South Africa move closer to World Cup qualification with easy win over Dutch | Cricket News


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *