Rain forecast in Chicago moves wheat to a 1-month low – Money Times

Rain forecast in Chicago moves wheat to a 1-month low - Money Times
May wheat contract closed 4 cents lower

Future contracts wheat ()ZWH2021) In Chicago, business increased losses on Friday, reaching the lowest level in a month, as rain and snow forecasts for parts of the plains The us Analysts said dealing with the drought has improved production prospects.

Divided amid rising prices, soy futures ended the day without any general direction soy ()ZHS2021) Is used as an animal feed ingredient, amid tightening in the supply of vegetable oils in the world and a decrease in demand for soybean meal.

Corn prices were practically stable before the weekend.

The May wheat contract closed 4 cents lower at $ 6.3850 per bushel, the lowest since February 12, after reaching the $ 6.3750 mark.

In a note to customers, Arlen Suderman, Chief Commodity Economist at StoneX, said, “Wheat prices reflect expectations of climate improvement in the US in addition to low export demand and weak seasonal signals.”

Corn ()ZCH2021) $ 5.39 a bushel for May advanced 0.50 cents.

At the soy complex, soybean’s May maturity dropped 0.25 cents to end at $ 14.1325 / bushel, while soybean oil futures established contracted maximums and palm oil traded in Malaysia, a competitive 13-year high. reached at.

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