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WHEAT FUTURES (ZW) - CBE (ELECTRONIC)/C1

End-of-day quote Chicago Board Of Trade  -  2022-09-29
895.25 USc   -0.89%
04:07pSoybeans firm on exports, mixed harvest results
RE
03:14pWheat Falls Ahead of USDA Stocks Report - Daily Grain Highlights
DJ
01:05pSoybeans firm on exports, mixed harvest results
RE
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Corn Rises After USDA Reports Lower Yield -- Daily Grain Highlights

08/12/2022 | 04:55pm EDT

By Kirk Maltais


--Corn for December delivery rose 2.3% to $6.42 1/4 a bushel on the Chicago Board of Trade Friday, in reaction to the USDA cutting its forecast for corn yields more than expected by analysts.

--Soybeans for November delivery rose 0.4% to $14.54 1/4 a bushel.

--Wheat for September delivery fell 0.6% to $8.06 a bushel.


HIGHLIGHTS


Sliced Yields: In Friday's WASDE, the USDA forecast that the U.S. corn crop will have a yield of 175.4 bushels per acre this year. That is down from 177 bushels per acre previously forecast. Analysts surveyed by The Wall Street Journal were expecting the USDA to cut corn yields to 175.8 bushels per acre. The USDA said corn yields are forecast as higher than a year ago in Illinois, Minnesota and South Dakota. However, yields in Indiana, Missouri, Nebraska and Ohio are forecast below last year. "The stage is set for further corn yield reductions," said Brian Hoops of Midwest Market Solutions. "Trade will be looking for smaller yields in upcoming reports."

Pared Gains: The USDA's revision of 2022/23 soybean yields higher than previously expected- at 51.9 bushels per acre-triggered selling in soybeans following the WASDE release, with more possibly to come. "The 'bull' [was] not 'fed' from a variety of figures," Mike Zuzolo of Global Commodity Analytics told the WSJ. "If rains come next week, I'd expect a deeper pullback with long liquidation, especially if the Brazilian Real continues to soften against the greenback."

Currency Flex: Strength in the U.S. Dollar index weighed on CBOT wheat futures throughout the trading session, according to Donna Hughes of StoneX in a note. "This comes following prices hitting a two-week high during yesterday's trading session," Hughes said. The U.S. Dollar Index on the ICE rose 0.5% Friday after trading lower for the previous four sessions. Weather conditions in the U.S. and Europe also applied pressure to wheat.


INSIGHTS


Short-Lived Trend: Friday's WASDE report showed corn yields dropping more than analysts expected, while soybean yields are seen rising. However, the likelihood of these figures remaining accurate through the next few months is being questioned by traders. "Lots of room for U.S. corn and bean production to change as it is too early to be overly confident in production estimates," said Doug Bergman of RCM Alternatives in a note following the report's release.

Expecting More: Russian and Ukrainian production and export figures were adjusted slightly higher by the USDA in its WASDE report--but some traders were expecting more dramatic changes to the figures. "Interesting to see they did not increase the Ukraine export estimate much," RIch Nelson of Allendale Inc. told the WSJ. For wheat, Ukrainian exports were revised 1 million metric tons higher to 11 million tons, while Russian exports were marked 2 million tons higher, amid a 6.5 million ton uptick in wheat production in the country.


AHEAD:


--The USDA will release its weekly grains export inspections report at 11 a.m. ET Monday.

--The USDA will release its weekly crop progress report at 4 p.m. ET Monday.

--The EIA will release its weekly ethanol production and stocks report at 10:30 a.m. ET Wednesday.


Write to Kirk Maltais at kirk.maltais@wsj.com


(END) Dow Jones Newswires

08-12-22 1654ET

Stocks mentioned in the article
ChangeLast1st jan.
AC (AC) - CBR (FLOOR)/C1 0.83% 1.09 End-of-day quote.-20.73%
CANADIAN DOLLAR / BRAZILIAN REAL (CAD/BRL) 0.05% 3.9476 Delayed Quote.-11.55%
CORN FUTURES (ZC) - CBE (ELECTRONIC)/C1 0.49% 669.5 End-of-day quote.13.02%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 0.00%End-of-day quote.0.00%
DOW JONES FXCM DOLLAR INDEX -0.31% 13387.16 Real-time Quote.10.41%
EURO / BRAZILIAN REAL (EUR/BRL) 1.39% 5.2994 Delayed Quote.-18.62%
EURO / US DOLLAR (EUR/USD) 1.16% 0.98182 Delayed Quote.-14.64%
S&P GSCI CORN INDEX -0.15% 552.7347 Real-time Quote.13.02%
S&P GSCI SOY BEANS INDEX 0.14% 560.0987 Real-time Quote.5.19%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -0.92% 409 End-of-day quote.2.45%
US DOLLAR / BRAZILIAN REAL (USD/BRL) 0.40% 5.3973 Delayed Quote.-3.58%
WHEAT FUTURES (ZW) - CBE (ELECTRONIC)/C1 3.67% 895.25 End-of-day quote.17.19%
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