Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Futures  >  Chicago Board Of Trade  >  WHEAT FUTURES (ZW) - CBE (ELECTRONIC)/C1       

End-of-day quote. End-of-day quote  - 07/19
503 USc   +1.72%
07/19GRAIN HIGHLIGHT : Top Stories of the Day
DJ
07/19Grain, Soybean Futures Rise After Good Export Demand
DJ
07/18GRAIN HIGHLIGHT : Top Stories of the Day
DJ
SummaryQuotesChartsNewsAnalysis 
News SummaryAll newsTweets

Grain, Soybean : Futures Resume Losing Streak

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/09/2018 | 09:31pm CEST

By Benjamin Parkin

Futures for soybeans and other crops tumbled on Monday as markets absorbed newly minted Chinese tariffs on U.S. agriculture.

Soybean contracts for July delivery fell 2.6% to $8.51 3/4 a bushel at the Chicago Board of Trade. July corn futures fell 1.7% to $3.45 3/4 a bushel while July wheat slid 1% to $5.07 3/4 a bushel.

Beijing on Friday introduced tariffs on $34 billion worth of U.S. goods, including soybeans, retaliating against equivalent duties from the Trump administration. Grain and soybean prices surged after the announcement, which was widely anticipated, as traders bet that the negative impact was already factored into prices.

But market participants took a more cautious tone on Monday, sparking a selloff.

"At this point, the combination of a good crop and big time trade issues makes it hard to get too excited about buying the soybean market much beyond Friday's highs," said Tomm Pfitzenmaier of Summit Commodity Brokerage.

With the tariffs in effect, traders were increasingly focusing on the U.S. harvest. Searing hot Midwestern weather has sparked some concern about the condition of otherwise thriving corn and soybean crops. But weather forecasters say that cooler and wetter conditions will spread across the region from next week, helping to relieve any dryness and pressuring prices in turn.

Some traders are watching for signs that low prices could revive buying interest despite the tariffs. In particular, they're betting that cheap U.S. soybeans -- which fell to the lowest price in a decade last week -- could attract customers from other parts of the world, helping to offset some of the lost Chinese business. The U.S. Department of Agriculture said on Monday morning that exporters sold 132,000 metric tons of soybeans to unidentified customers for delivery in the upcoming crop year.

--Write to Benjamin Parkin at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (ZC) - CBE (ELECTRONIC)/C1 1.08% 351 End-of-day quote.-1.28%
WHEAT FUTURES (ZW) - CBE (ELECTRONIC)/C1 1.72% 503 End-of-day quote.16.57%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WHEAT FUTURES (ZW) - CBE (
07/19GRAIN HIGHLIGHTS : Top Stories of the Day
DJ
07/19Grain, Soybean Futures Rise After Good Export Demand
DJ
07/18GRAIN HIGHLIGHTS : Top Stories of the Day
DJ
07/18Corn, Soybean Futures Continue Winning Streak
DJ
07/17GRAIN HIGHLIGHTS : Top Stories of the Day
DJ
07/17Grain, Soybean Futures Bounce on Tougher Conditions
DJ
07/16Soybean Futures Turn Higher After Rout
DJ
07/16USDA CROP PROGRESS : Spring Wheat Condition/Progress-Jul 16
DJ
07/16USDA CROP PROGRESS : Winter Wheat Progress-Jul 16
DJ
07/16USDA CROP PROGRESS : Corn Condition/Progress-Jul 16
DJ
More news
Chart WHEAT FUTURES (ZW) - CBE (
Duration : Period :
WHEAT FUTURES (ZW) - CBE ( Technical Analysis Chart | 4-Traders
Technical analysis trends WHEAT FUTURES (ZW) - CBE (
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish