On Wednesday, soybean futures in Chicago-based CME Group Inc., the world’s largest financial derivatives market headquartered in Chicago, Illinois, gained ground after multiple side-way movements throughout the day, while corn and wheat futures’ prices slipped as growing concerns of a return of restrictions which in effect would dent demands, had spooked investors.
On top of that, gains in Chicago soybean futures’ prices were curbed sharply amid recent weather concerns, while wheat fell from a nearly three-month peak amid uncertainty in US weather forecast in the Midwest. In point of fact, after Tuesday’s Chicago commodity market (CME) closure, a private assessment report was released about US crops that flagged an uncertain view on weather in Midwest over comings months, eventually adding to further strains amid frets of a pandemic resurgence.
Nonetheless, undermining weather-related concerns, president of Global Commodity Analytics, Mike Zuzolo said in the day’s Chicago market wind-down, “We saw a reversal on what was leading the conversation. The Delta variant increase in the two largest economies of the world make the weather seem a lot less important,” while addressing to a worsening Sino-US trade relationship with Chinese purchasing faltering by a substantial scale, a senior market analyst at Zaner Group, Dan Hussey said, “China hasn’t committed in a real way, like they did last year.
This time of year, we’re expecting to see Chinese purchasing, we’re expecting to see flash sales”.
Chicago soybean gains amid continued weather uncertainty
Quoting statistics, in the day’s Chicago commodity market round-off, the most active soybean contract in CBOT (Chicago Board of Trade), rose by 5.25 cents to $13.25 per bushel (27.21 kg or 60 pounds), while Chicago wheat futures’ prices eased 5.25 cents to $7.1925 per bushel (27.21 kg or 60 pounds) after hitting a three-month peak of $7.3875 earlier in the day, the highest level since May 12, while corn futures curbed 4.25 cents to $5.4750 per bushel (25.40 kg or 55 pounds).