US Corn Futures And Other Grains Volatile Ahead Of US Farming Data -

US Corn Futures And Other Grains Volatile Ahead Of US Farming Data

Mar 28, 2024Jeremy ParkinsonFinance, No picture0

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Prices of corn futures, wheat, and soybeans have fluctuated ahead of two important US agricultural reports.

Futures pricing, especially for May, has seen corn, wheat, and soy all take significant dips in the past day.

The USDA quarterly grain stocks report and prospective plantings report are both due out later today.

US corn futures and other agricultural and grain futures have been jittery ahead of what is sure to be a big Thursday for all grain stocks.Corn futures on the Chicago Board of Trade (CBOT) fell on Wednesday ahead of the reports, with May corn falling to just over $4.32 per bushel.Similarly, May-24 wheat futures were trading 1.8% lower yesterday, with Kansas City May wheat falling significantly to trade at $5.77 per bushel.Soybean futures and soybean meal and oil prices also dropped significantly.
Two significant reportsLater today, the United States Department of Agriculture (USDA) is set to release both its latest prospective plantings report and its quarterly grain stocks report.The first of these two reports will reveal the USDA survey findings of what America’s farmers plan on planting in this current sowing period for next year, which typically has an impact on futures prices.And, according to the USDA itself, we will likely see a drop in wheat, corn, and soybeans planted, after a bumper crop this past year.The second, the quarterly grain stocks report, gives estimated figures for the total amount farmed of various grains in the past quarter, including corn, wheat, soybeans, sorghum, rye, and a host of others.
Bridging disasterAccording to Morningstar, Tuesday’s Baltimore bridge collapse in the US may also have a significant impact. Dean Croke, analyst at freight-exchange service DAT Freight & Analytics, was quoted as saying:“The port is the top U.S. entry point for large agriculture and construction equipment such as tractors, harvesters, forklifts, and rubber tire dozers” and “March is the biggest month for imports of farm and construction machinery into the port of Baltimore.”The USDA reports are expected at around 11am, Central Daylight Time, today.More By This Author:Three Top U.S. Chemical Stocks To Buy In April Meta’s $500 Dilemma: Charting The Course Forward Lucid Group’s Stock Climbs: Are Higher Gains In Sight?