CHICAGO, July 20 (Reuters) – Large speculators raised their
net long stake in corn to the biggest in more than three months
as the most extensive drought in the United States in 56 years
triggered a sharp rise in corn prices, regulatory data released
on F rid ay showed.
The Commodity Futures Trading Commission’s weekly
commitments of traders report also showed that noncommercial
traders, a category that includes hedge funds, boosted their net
long stake in soybeans to the most since early May in the five
trading days ended July 17.
CHICAGO (Reuters) – Indiana farmer Brian Scott saw on Thursday the heaviest rains of the year soak his 2,300-acre farm in the throes of the worst drought in five decades, but they were a mixed blessing at best.
The downpour came too late for his corn crop, which was already past the critical stage of setting yields. His soybeans, though, could get better and set more pods.
NEW YORK/CHICAGO (Reuters) – Commodities rose on Monday, adding to last week’s gains as investors grew more hopeful about more monetary easing in China and the United States, boosting prices of oil and other raw materials.
On the agricultural side, corn, wheat and soybeans hit new contract highs as crops withered in extreme heat and drought in the U.S. Midwest, prompting the government to revise downward its assessment of crop conditions.
CHICAGO (Reuters) – Wal-Mart Stores Inc has long used its commercial might to forge a global supply chain with ruthless efficiency. It now has a new target: U.S. wheat fields.
As part of efforts to reduce its carbon footprint and burnish its image as an environmentally responsible company, the huge retailer is sending senior employees into the fields for the first time ever, looking for ways to help farmers reduce their use of carbon-intensive fertilizer or improve logistics.
CHICAGO, June 21 (Reuters) – Wal-Mart Stores Inc has
long used its commercial might to forge a global supply chain
with ruthless efficiency. It now has a new target: U.S. wheat
As part of efforts to reduce its carbon footprint and
burnish its image as an environmentally responsible company, the
huge retailer is sending senior employees into the fields for
the first time ever, looking for ways to help farmers reduce
their use of carbon-intensive fertilizer or improve logistics.
CHICAGO/KANSAS CITY, June 19 (Reuters) – The U.S. ethanol
industry is hunkering down for another spell of deep losses,
with a second producer temporarily shutting a Nebraska plant on
Tuesday as diminishing corn supplies and lackluster gasoline
demand crush profit margins.
Valero Energy Corp is idling its 110 million gallons
(500 million liters) a year plant in Albion, Nebraska, but
expects it to resume operations before the autumn corn harvest,
when prices should start to ease and supplies become more
plentiful, spokesman Bill Day said.
CHICAGO (Reuters) – U.S. grain markets rallied on Wednesday, with corn up 3.3 percent, tracking gains in other commodities as the dollar weakened and investors waded into riskier assets on growing hopes for a solution to the euro zone debt crisis.
At the Chicago Board of Trade, corn climbed to near a two-week high while soybeans hit a one-week high, rising 2.7 percent for their biggest daily gain since March 30. Wheat also rose as the greenback lost ground to the euro after the European Central Bank left interest rates unchanged, as expected.
CHICAGO (Reuters) – U.S. wheat fell 2.3 percent on Tuesday, declining for the sixth time in the last seven sessions, as the dollar firmed and the harvest in the United State progressed at a record pace.
Corn futures also eased, with the new-crop December contract shedding 3.0 percent, as U.S. crop conditions stabilized and the rising greenback limited demand for exports priced in the U.S. currency.
CHICAGO (Reuters) – U.S. grains rallied on Monday as the dollar eased, with corn jumping 3 percent and rebounding from its 1-1/2 year lows last week, as dry weather in the U.S. Midwest grain belt threatened yields.
Wheat futures rose for the first time in five sessions, but the euro zone’s debt crisis and flagging economies in the United States and China, the world’s largest importer of commodities, remained concerns for investors in risk assets.
CHICAGO, May 30 (Reuters) – U.S. grains fell sharply Wednesday, with wheat
dropping more than 1 percent to a two-week low, as a surging dollar and
mounting concerns over Europe’s debt crisis triggered a broad commodities
sell-off as investors fled risky assets.
Corn and wheat futures declined despite a larger-than-expected downgrade in
U.S. crop conditions, while soybeans tumbled to their lowest in a week on news
that top soy importer China was unlikely to pass a stimulus package.
The U.S. dollar index, which measures the strength of the greenback
against a basket of currencies, rose to its highest since September 2010 amid
the euro zone banking crisis and slow growth in China, making dollar-priced
commodities expensive for importers.
The dollar typically has an inverse price relationship with commodities,
which are priced in dollars. So for importers a stronger U.S. currency makes
commodities cost more.
“It’s a risk-off attitude,” said Citigroup grains analyst Sterling Smith.
“Pick a country in Europe and pick a problem. The Spanish banking crisis seems
to be the most acute issue and that is creating a situation where commodities in
general are selling off along with equity markets.”
Wheat for July delivery was off 9 cents at $6.47-3/4, declining for
the second straight day at the Chicago Board of Trade, while July corn was
down 6-3/4 cents at $5.55-3/4 and July soybeans 19-1/4 cents lower at
Weakness in other commodities, especially crude oil and metals, also
pressured the grains complex, analysts said.
“We are seeing something of a tug-of-war each day between the depressed
micro economic environment and weather conditions especially in the Black Sea
region and the U.S.,” said Rabobank analyst Erin FitzPatrick. “A lot of the
moves today were based on the depressed macros, yesterday we saw more
Russia’s Grain Union on Wednesday gave an upbeat picture of the country’s
upcoming crop and exports.
Traders were keeping a close eye on weather forecasts after wheat prices
came under pressure after reports of rain in dry southern Russia since the
weekend, with Russia’s state forecaster predicting more rainfall this week.
“We do have some improved weather forecasts for the U.S. this week but the
longer-range forecasts are still not very positive,” FitzPatrick said.
The U.S. Department of Agriculture’s weekly crop progress report on Tuesday
said that 72 percent of the crop was in good-to-excellent condition, down 5
percentage points from a week ago. Analysts polled by Reuters expected the
crop’s rating to drop 2 to 4 percentage points.
U.S. corn and soybean crops now need an urgent round of rain and there are
some forecasters calling for showers in the Midwest this week.
Rain is also seen in portions of the lower Midwest, providing critical
relief to stressed corn crops in those areas, although more will be needed to
foster development. Traders said rain was unlikely to penetrate the dry subsoils
that were slowing soybean emergence.