U.S. wheat slides to six-week lows ahead of expected report of strong harvest

seekingalpha06-18

Chicago wheat futures fell sharply Monday, pressured by expectations that a Department of Agriculture report will show a rapidly advancing wheat harvest in the U.S., and with futures breaking through ...

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Analysts told Reuters the market is expecting a positive report of U.S. wheat harvest progress from the USDA as well as a positive picture of U.S. corn. \"Seasonal conditions continue to improve in North America and Australia,\" Commonwealth Bank analyst Dennis Voznesenski told Reuters. \"Northern Hemisphere harvest has started, and when there's new supplies coming online, it typically suppresses prices.\" Rain in dry regions of Russia and Ukraine has offered some relief for wheat and corn, though benefits could be limited for wheat with harvesting looming, analysts also said. CBOT wheat (W_1:COM) for July delivery ended -3.5% to $5.91 1/2 per bushel, its lowest since May 1, leading a broad decline in the grains complex, as July soybeans (S_1:COM) settled -1.9% to $11.57 3/4 per bushel and July corn (C_1:COM) closed -1.4% to $6.12 3/4 per bushel. ETFs: (NYSEARCA:WEAT), (SOYB), (CORN), (DBA), (MOO) Seasonal lows may be forming as farmers brace for excessive rain or dryness, depending on the region, potentially damaging for crops, AgResources wrote in a report, according to Dow Jones. \"Trading lows should form early in the week,\" AgResource said, adding it expects flooding in the northwestern Midwest and lack of rain in the eastern Midwest.","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/2444142783"}