We have updated our privacy policy and terms & conditions. Find out more here.
8
 

Grain futures - Weekly outlook: June 24 - 28

CommoditiesJun 23, 2013 12:24PM GMT Add a Comment
Investing.com - U.S. grain prices ended Friday’s session mixed, as market players continued to focus on U.S. weather conditions and crop prospects.

On the Chicago Mercantile Exchange, wheat for July delivery rose 0.65% on Friday to settle the week at USD7.0500 a bushel. On the week, CBOT wheat futures rose 3.4%, the biggest weekly gain in nearly two months.

Wheat futures rose to a two-week high of USD7.1062 a bushel on Wednesday amid ongoing concerns over planting and harvesting delays in the U.S. Midwest.

The U.S. Department of Agriculture said that approximately 11% of the U.S. winter wheat crop was harvested as of last week, compared to the five-year average of 25% for this time of year and below the 51% recorded in the same week a year earlier.
 
Elsewhere on the Chicago Board of Trade, corn futures for December delivery fell 0.35% on Friday to settle the week at USD5.9200 a bushel.

Corn prices rose to a three-month high of USD6.8337 a bushel on Wednesday amid lingering concerns over U.S. and global supplies of the grain.

According to the U.S. Department of Agriculture, 92% of the U.S. corn crop was collected as of last week, below the five-year average of 97% for this time of year. 100% of the corn crop was collected during the same week a year earlier.

Meanwhile, soybeans for November delivery eased down 0.4% Friday to settle the week at USD14.1380 a bushel by close of trade.

Soybean prices have been well-supported in recent sessions amid ongoing concerns over U.S. planting prospects. Front-month prices hit a seven-month high of USD15.5850 a bushel on June 12.

The USDA said that nearly 85% of the U.S. soy crop was planted as of last week. Nearly 98% of the U.S. soy crop was planted in the same week a year earlier while the five-year average for this time of year is 91%.

The report also showed that 66% of the U.S. soybean crop emerged as of last week, compared to the five-year average of 80% for this time of year and below the 94% recorded in the same week a year earlier.

In the week ahead, corn and soybean traders will continue to pay close attention to weather forecasts for grain-growing regions in the U.S. Midwest, while wheat traders will monitor temperatures in the Great Plains-region.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

Grain futures - Weekly outlook: June 24 - 28
 

Related Articles

Gold pares gains after upbeat U.S. labor data
Gold pares gains after upbeat U.S. labor data
By Investing.com - Dec 18, 2014

Investing.com - Gold prices pared back gains on Thursday, coming off highs hit after the Federal Reserve said it would be “patient” in deciding when to raise U.S. ...

Gold climbs over 1% above $1,200 after Fed statement
Gold climbs over 1% above $1,200 after Fed statement
By Investing.com - Dec 18, 2014

Investing.com - Gold prices climbed over 1% on Thursday, trading above the $1,200 threshold after the Federal Reserve said it would be "patient" before raising interest rates. On ...

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

EUR/USD
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg
 
 
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.