U.S. wheat posts fifth straight loss on higher than expected crop ratings

seekingalpha06-05

U.S. wheat futures fell for the fifth straight session in the longest losing streak this year, as the U.S. Department of Agriculture reported the domestic winter wheat harvest was 6% complete, above ...

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In its weekly Crop Progress report, the USDA also said planting for spring wheat was 94% complete, ahead of the five-year average of 90%. The agency said 74% of spring wheat was in good-or-excellent condition, up from 64% at this time last year, and 49% of winter wheat was in good-or-excellent condition, up one percentage point from last week and 13 points from this time a year ago. The report showed little data that would support adding a weather premium to existing futures prices, Doug Bergman of RCM Alternatives told Dow Jones. \"June is usually a good month for corn prices as weather premium is bid into the market, but as of right now, there is no indication on the charts that we have found a low,\" Bergman said. \"We're finally seeing harvest pressure hit the market,\" Frontier Futures broker Joe Nussmeier told Bloomberg. \"The problem is there's nowhere to go with the wheat that's coming off the combine. Demand scenarios aren't great.\" CBOT wheat (W_1:COM) for July delivery ended -2.2% to $6.58 1/4 per bushel, while July soybeans (S_1:COM) settled -0.4% to $11.79 1/2 per bushel and July corn (C_1:COM) closed -0.3% to $4.42 per bushel. ETFs: (NYSEARCA:WEAT), (SOYB), (CORN), (DBA), (MOO) Sliding prices for crude oil are also a factor pressuring CBOT grains this week, so funds are continuing to sell wheat, corn and soybeans, according to analysts at AgriTel. Oil and grains share a link because of the proliferation of renewable fuels such as ethanol and soybean oil in the vehicle fuel supply. Wheat prices had posted their biggest monthly gain in two years in May as the crop in Russia, the world's top exporter, was hit by a drought.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2441413266"}