Corn and Wheat Weak Ahead of WASDE Supply Report
Wheat for September delivery fell 1.6% to $5.02 3/4 a bushel at the Chicago Board of Trade on Tuesday as traders anticipate Thursday's WASDE report will show high supplies of wheat and corn in the U.S., ill-timed amid already low prices.
Corn for December delivery fell 1.5% to $4.37 1/4 a bushel.
Soybeans for November delivery rose 0.7% to $9.04 1/4 a bushel.
STORIES OF INTEREST:
Egypt's GASC Taps Wheat Market for Fourth Time Inside Month
Egypt's grain-importing agency will conduct an international wheat tender on Tuesday, the fourth time it has tapped the market in less than a month.
The General Authority for Supply Commodities said late on Monday that it sought an unspecific amount of wheat for shipment from Aug. 10 to Aug. 20.
Ukrainian Wheat Offered at Lowest Price in Egyptian Tender -- Market Talk
1435 GMT - Louis Dreyfus Company made the cheapest offer in Egypt's international wheat tender, according to Swithun Still, president of the Grain and Feed Trade Association. Louis Dreyfus offered 60,000 tons of Ukrainian wheat at $198.77 a ton on a free-on-board basis, he says in a tweet. It also made a more expensive offer for 60,000 tons of Russian wheat at $204.37 a ton, Still says. The results of the wheat tender, the fourth conducted by Egypt's General Authority for Supply Commodities in the past month, are expected later today. Russian and Romanian wheat has dominated recent purchases by Egypt, the world's largest importer of wheat. (firstname.lastname@example.org)
World's Coffee Growers Seek to Set Minimum Price to Help Poor Farmers
SAO PAULO -- Growers from Brazil, Colombia and more than two dozen other countries will meet in Brazil this week to talk about how to get more money to farmers suffering from the lowest prices on world markets in more than a decade.
Corn's Losses are Cattle's Gains -- Market Talk
15:10 ET - The drop in corn futures on the CBOT today proved to be bullish for live cattle futures, with the August contract finishing 1.9% higher at $1.08125 per pound. Traders say that cattle futures were given strength off of the 1.5% drop in corn futures, as corn is a key ingredient in feedstock. For ranchers, a slide in corn prices helps increase the profitability of selling feeder cattle. Meanwhile, lean hog futures hit their limits earlier today, closing trading up 3.9% to 79.075 cents per pound. (email@example.com; @kirkmaltais)