Wheat steadies near six-week low, corn and soybeans turn lower
DBA•Chicago wheat futures traded near a six-week low, while corn and soybeans fell. Corn was down 1.05% at $4.97 a bushel and soybeans slipped 0.55% to $12.77, as traders awaited USDA crop and supply-demand reports next week.
1. Grains trade lower
Chicago Board of Trade wheat futures were down 0.04% at $6.82-1/2 a bushel, hovering near a six-week low. Corn fell 1.05% to $4.97 a bushel after a larger-than-expected USDA estimate of U.S. corn stocks continued to weigh on prices; soybeans dropped 0.55% to $12.77 amid the ongoing U.S. harvest.
2. Reports in focus
Traders are waiting for next week’s USDA crop production and monthly supply-demand reports as early fall rains have delayed harvest across much of the Midwest. Traders continue to debate corn and soybean yields, with one market participant saying there is concern the USDA could raise its soybean yield estimate from September.
3. Wheat demand signals
Saudi Arabia announced a tender to buy 535,000 metric tons of wheat for November and December shipment. Traders viewed it as a sign that falling prices were stirring demand; Saudi Arabia had canceled its previous tender on September 7 because of high prices. The dollar’s strength continued to cap prices, while a lack of progress on restoring normal Black Sea shipping supported wheat.
