Home » USDA reports pressure wheat, cornSource: Sosland Publishing Co.
Recap for February 8
- On Thursday, wheat complex futures declined under continued US dollar and Russian price pressure as the USDA raised forecasts for the June 1, 2024, carryover of hard red winter, soft red winter and white wheat. Soybean and soybean oil futures rose despite USDA’s bearish soy ending stocks thanks to the Department’s lower forecast for Brazilian production, a figure far higher than forecasts from Brazil’s own crop agency. Corn futures initially went higher after Brazil lowered its corn production forecast but closed lower on the USDA’s increased ending stocks projection. The March corn future dropped 1¢ to close at $4.33¼ per bu. Chicago March wheat shed 13½¢, closing at $5.88½ per bu. Kansas City March wheat fell 17¼¢ to close at $6.01 per bu. Minneapolis March wheat declined…
