{"id":323241,"date":"2021-08-12T19:51:00","date_gmt":"2021-08-12T16:51:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/commodities-corner-wheat-prices-at-3-month-high-corn-rallies-as-usda-lowers-supply-forecasts\/"},"modified":"2021-08-12T19:51:00","modified_gmt":"2021-08-12T16:51:00","slug":"commodities-corner-wheat-prices-at-3-month-high-corn-rallies-as-usda-lowers-supply-forecasts","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/commodities-corner-wheat-prices-at-3-month-high-corn-rallies-as-usda-lowers-supply-forecasts\/","title":{"rendered":"#Commodities Corner: Wheat prices at 3-month high, corn rallies as USDA lowers supply forecasts"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3be3bc1e0d0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3be3bc1e0d0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/commodities-corner-wheat-prices-at-3-month-high-corn-rallies-as-usda-lowers-supply-forecasts\/#Myra_P_Saefong\" >Myra P. Saefong<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Commodities Corner: Wheat prices at 3-month high, corn rallies as USDA lowers supply forecasts<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000373347\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000373347\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Wheat futures rose to the highest price since May on Thursday, and corn futures rallied by nearly 5%, after the U.S. Department of Agriculture lowered its 2021\/2022 U.S. supply and yield forecasts for both of the commodities.<\/p>\n<p> The USDA \u201csurprised the markets with larger than expected yield losses projected for both corn and wheat, which is being reflected in today\u2019s price activity,\u201d Sal Gilbertie, president and chief investment officer at Teucrium Trading, told MarketWatch. \u00a0<\/p>\n<div class=\"paywall\">\n       \u201cAnticipated excess U.S. corn and wheat supplies continue trending lower over time, which is making the markets nervous and providing price support\u201d in Thursday dealings, he said. Today\u2019s report \u201cconfirms that corn, wheat and soybean balance sheets will remain tight at least through this year\u2019s growing season, which is a big change from the abundant grain market surpluses seen for much of the last decade.\u201d<\/p>\n<p>The USDA forecasts U.S. all wheat production at 1.697 billion bushels, down 49 million bushels from the previous forecast. It also reduced its global wheat supply forecast to 1.0657 billion tons, down 16.8 million tons from its previous forecast, citing lower production for Russia, Canada and the United States. The government agency also said it expects U.S. all wheat yield at 44.5 bushels per acre \u2014 that\u2019s down 1.3 bushels from the July forecast. \u00a0<\/p>\n<p>The most-active September wheat contract<br \/>\n        WU21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/213232508\/delayed\" class=\"positive\">+4.44%<\/bg-quote><\/p>\n<p>        W00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210389638\/delayed\" class=\"positive\">+4.44%<\/bg-quote><br \/>\n       was up 32  cents, or 4.4%, at $7.59 a bushel in Thursday dealings after touching a high at $7.62. Prices haven\u2019t traded at levels this high since the first half of May, according to FactSet data.<\/p>\n<p>Wheat prices have strengthened \u201cdue to the big drought in the Dakotas and Central Canada,\u201d said Gilbertie, pointing out that South Dakota reportedly hit 100% drought conditions this week on the drought monitor.<\/p>\n<p>The USDA also cut its 2021\/2022 forecast for U.S. corn production to 14.8 billion bushels, down 415 million from the July forecast.<\/p>\n<p>\u201cThe season\u2019s first survey-based corn yield forecast, at 174.6 bushels per acre, is 4.9 bushels below last month\u2019s trend-based projection,\u201d the USDA\u2019s World Agricultural Supply and Demand Estimates report said. It expects record-high corn yields in Illinois, Indiana and Ohio, but said yields in Minnesota and South Dakota are forecast below a year ago.<\/p>\n<p>The most-active December corn contract<br \/>\n        CZ21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209770630\/delayed\" class=\"positive\">+4.83%<\/bg-quote><\/p>\n<p>        C00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209710348\/delayed\" class=\"positive\">+4.83%<\/bg-quote><br \/>\n       traded at $5.84 \u00bc a bushel, up 25 cents, or 4.5%. For the week, corn prices trade around 4.8% higher, on track for a monthly rise of nearly 7%.<\/p>\n<p>Soybean futures also edged higher Thursday, with the November contract<br \/>\n        SX21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210350772\/delayed\" class=\"positive\">+1.08%<\/bg-quote><\/p>\n<p>        S00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210304009\/delayed\" class=\"positive\">+1.08%<\/bg-quote><br \/>\n       up 14 cents, or 1% at $13.54 a bushel. The USDA forecast 2021\/2022 U.S. soybean production at 4.34 billion bushels, down 66 million bushels from the previous forecast, citing lower soybean yields. \u00a0<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Myra P. Saefong\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/topics\/journalists\/myra-p-saefong\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/MktwSaefong\",\"text\":\"@MktwSaefong\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:mpicache@marketwatch.com\",\"text\":\"mpicache@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Myra_P_Saefong\"><\/span>Myra P. Saefong<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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The USDA \u201csurprised the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":323244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-323241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/323241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=323241"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/323241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/323244"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=323241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=323241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=323241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}