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2024-06-29 04:45
CBOT corn futures fell sharply Friday after new reports from the U.S. Department of Agriculture showed U.S. farmers have planted more corn acres than previously anticipated.
The USDA released its quarterly Acreage report, which said domestic planted corn acres this spring totaled 91.5M acres, higher than forecast by analysts surveyed by The Wall Street Journal, while soybean acreage totaled 86.1M acres and wheat acreage was 47.2M acres, both slightly lower than expected.
In its quarterly Grain Stocks report, corn stocks through June 1 totaled 4.99B bushels, with soybean stocks at 970M bushels and wheat stocks at 702M bushels; all three came in above expectations.
U.S. corn (C_1:COM) for December delivery closed -2.8% to $4.21 1/2 per bushel after falling as much as 5%, while September wheat (W_1:COM) finished -0.7% to $5,75 1/4 per bushel and November soybeans (S_1:COM) settled +0.1% to $11.05 1/2 per bushel.
ETFs: (NYSEARCA:CORN), (NYSEARCA:WEAT), (NYSEARCA:SOYB), (DBA), (MOO)
"The collapse of the corn market certainly weighed on wheat prices, while soybeans tried to firm on the lower acreage numbers, much of it being inter-market spreading," Arlan Suderman of StoneX said, according to Dow Jones, adding that traders will turn their attention to how the summer weather plays out in the Corn Belt.