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CBOT crop futures suffer weekly fall amid weak growth data

2019-07-28 06:43

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CHICAGO, July 27 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures reported a disappointing trading week ending July 26, as traders turned to technical selling on sluggish U.S. crop growth data and forecasts for milder growing weather.

The most active corn contract for December delivery was down 11.25 cents, or 2.58 percent week on week, to close at 4.245 U.S. dollars per bushel. September wheat was down 6.5 cents, or 1.29 percent, to settle at 4.96 dollars per bushel. November soybeans were down 18.25 cents, or 1.99 percent, to close at 9.01 dollars per bushel.

On Monday, the U.S. Department of Agriculture (USDA) released its weekly crop progress report. The U.S. corn crop was rated 57 percent good or excellent as of Sunday (July 21), down from 58 percent the previous week, the USDA said in the report. That's also down from the 72 percent that earned top ratings at this time in 2018.

Some 54 percent of soybeans were in good or excellent condition at the start of the week, unchanged from the previous week but well below the 70 percent that earned top marks at this time in 2018.

40 percent of the crop was blooming, behind the prior average of 66 percent for this time of year, and 7 percent was setting pods, a quarter of the normal 28 percent, the government said in its report.

In wheat, 76 percent of the spring crop was rated good or excellent as of Sunday, unchanged from the previous week and just below the 79 percent that earned top ratings last year.

Winter wheat was 69 percent harvested, up from 57 percent a week earlier but down from the average for this time of year of 79 percent, the USDA said.

However, soybean futures once went up during the weekday, as optimism about U.S. trade talks with China next week lent support.

Wheat futures fell amid lofty crop conditions and relatively benign weather in spring wheat belt.

Corn futures also went down for four sessions in the trading week on technical selling, disappointing export demand and some outlooks for milder weather in the U.S. Midwest next week.

On Thursday, the USDA released its weekly export sales report, which showed favorable wheat figures.

The USDA reported export sales of U.S. wheat in the week ended July 18 at 659,800 metric tons, topping a range of trade expectations.

Private traders reported export sales of U.S. corn in the week to July 18 at 507,800 metric tons, down 19 percent from the prior four-week average, according to the report.

Export sales of U.S. soybeans were 301,900 metric tons, which is line with traders' expectation.

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