Soybean prices fell again Thursday as markets raised alarms over U.S. trade protectionism. This afternoon, Canada announced retaliatory tariffs against the United States on steel, aluminum, and other products.
Let’s dive into the factors impacting commodity prices at the Chicago Board of Trade.
Soybean Prices Dip
July soybean prices were in the red today thanks to additional profit-taking and concerns about trade relations between the United States and the rest of the world.
The July contract shed 4.5 cents to close the day at $10.185. The August contract dropped 4.5 cents and finished the day a tick above $10.23.
Markets are prepping for tomorrow’s export update and the monthly crush report. Analysts expect that the Fats and Oils report will show crushers used 171.7 million bushels in April.
Wheat Prices Try to Recover
Wheat prices rose thanks to bullish news out of Russia and Ukraine. Russia’s winter wheat production is expected to decline by 10% year-over-year. Meanwhile, Ukraine’s winter wheat crop is expected to decline year-over-year by 1.4 MMT to 24 MMT. Economists are blaming dry weather conditions for the latter forecast.
July SRW wheat prices added 4.25 cents to end the day just above $5.26. The September contract added 4 cents and closed at $5.43.
Down in Kansas City, the July HRW price added 1.75 cents to close the day at $5.425. The September contract gained 1.5 cents and closed just under $5.61.
Up in Minneapolis, spring wheat prices closed the day in positive territory. The July MGEX contract added 0.5 cents and closed at $6.12. The September contract added 0.5 cents and closed just under $6.20 per bushel.
Markets are preparing for tomorrow’s export sales report. The report is being released a day behind the normal schedule due to the Memorial Day holiday.
Corn Prices Find Small Gains
Corn prices finished the day in the green. The July corn contract closed the day at $3.94 per bushel. The September contract added 0.75 cents to close the day a tick above $4.03.
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