Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

U.S. wheat, corn slump to 2-week low on upbeat supply outlook

Published 06/15/2015, 06:09 AM
Updated 06/15/2015, 06:09 AM
U.S. wheat prices fall to 2-week low amid ample supplies

U.S. wheat prices fall to 2-week low amid ample supplies

Investing.com - U.S. wheat and corn futures extended losses from the previous session on Monday to hit two-week lows amid optimism over the outlook for global supplies.

On the Chicago Mercantile Exchange, US wheat for July delivery hit an intraday low of $4.9663 a bushel, the weakest level since June 2, before trading at $4.9688 during U.S. morning hours, down 6.53 cents, or 1.3%.

On Friday, wheat prices shed 0.4 cents, or 0.1%, to close at $5.0360. The July wheat contract lost 2.5% last week after the U.S. Department of Agriculture raised its outlook for domestic and global wheat supplies.

According to the agency, domestic wheat output will total 2.121 billion bushels in the 2015-16 season, while domestic wheat reserves in the season ending next May will total 814 million bushels.

Global ending wheat inventories next season will rise to 202.4 million metric tons from an estimated 200.4 million tons in 2014-15.

Meanwhile, US corn for July delivery inched down 1.98 cents, or 0.56%, to trade at $3.5063 a bushel after touching a daily low of $3.5063, a level not seen since June 1.

Corn prices lost 3.4 cents, or 0.98%, on Friday to end at $3.5300. Futures declined 2.15% last week after the USDA said that U.S. corn inventories at the end of the 2014-15 season in August will total 1.876 billion bushels.

The agency also projected global ending corn stockpiles at the end of the 2015-16 season at 195.2 million metric tons.

Elsewhere on the Chicago Board of Trade, US soybeans for July delivery dipped 6.72 cents, or 0.72%, to trade at $9.3288 a bushel, the lowest level since June 3.

Later in the day, the USDA will release updated crop progress numbers for the week ended June 14.

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

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.