Wheat futures closed lower today. Corn closed slightly lower and soybeans closed higher. Wheat opened slightly higher on the continuing conflict in the Ukraine but commodity fund selling quickly surfaced and wheat prices backed down through the rest of the session. The U.S. Dollar was sharply higher and that pressured commodity prices in general. Gold lost $22/oz and crude oil fell $3.00/barrel. The conflicts in the Ukraine and the Middle East are pushing the Dollar higher and traders are expecting the Fed to raise interest rates in the near future. Despite that, export inspections last week were decent at 28.4 million bu for wheat including 6.1 million bu for white wheat. Corn inspections came in at 34.4 million bu. After the close the Weekly Crop Progress Report came out. It showed Spring Wheat harvest now 38% complete nationwide vs the 5 year average of 65%. North Dakota is only 21% done vs the 5 year average of 60%. Crop ratings for both corn and soybeans increased slightly from last week's ratings. Japan is in tomorrow night for some of their October requirements. They will be tendering for 900,000 bu of Western White, 300,000 bu of HRW and 1.1 million bu of DNS.
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Market hours: AM 9:00-11:10, PM 3:00-4:30 No PM market on Fridays No PM Hard Wheat Markets
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All indications point to a large global wheat crop this year. The most recent USDA report forecast global production at a record 716.09 million metric tonnes, up almost 11 mmt or 1.5% from last year's crop. Sounds bearish? Perhaps not so.
During Wednesday, light to locally moderate rain will cover the Gulf Coast and Southeast, along with the central and northern Midwest. We'll also see light rain in the Prairies with some snow possible early Tuesday in the western Prairies. » More DTN Weather Commentary
Posted at 1:33PM Tue Sep 2, 2014 CDT
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