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Tuesday, November 29, 2022

After two months of high level, fear of recession and profit-booking on the decline of Maize

After two months of high level, fear of recession and profit-booking on the decline of Maize

by Julie Gingersen

ChicagoAug 30 – US wheat, corn and soybean futures fell on Tuesday, leading to broader losses in commodity and equity markets as traders expressed concerns over the health of the global economy.

* Profit-booking on corn futures also took place, a day after the benchmark December contract hit a two-month high on dwindling prospects for US crop output.

* 1759 AD GMTDecember corn fell 7.74 cents to $6.7525 a bushel on the Chicago Stock Exchange, from $6.8375 a barrel, its highest level since June 23.

* Chicago December wheat fell 22 1/2 cents to $8.2025 per bushel and November soybeans fell 3 cents to $14.3475 per bushel.

* Rising job opportunities in the United States led to a fall in the stock markets, raising fears of further interest rate hikes by the Federal Reserve and the European Central Bank.

* US crude futures fell more than 5% on fears that inflation-induced weakening of world economies would reduce fuel demand.

* Uncertainty spread in cereals as speculators exited their long positions taking profits following the recent rise in corn and wheat prices.

* However, traders are also watching the supply outlook as US corn and soybean crops approach maturity ahead of the fall harvest. United States Department of Agriculture (USDA) said late Monday 54% of the US corn crop is in good or excellent condition, down from 55% a week ago.

* It comes as the Pro Farmer Advisory Service on Friday forecast US corn yields at 168.1 bushels per acre, far lower than forecast. USDA of 175.4. Pro Farmer’s crop projections came after a tour of the Midwest showed worse-than-expected effects of hot, dry weather in some areas.

* Pro Farmer forecasts US soybean harvest of 4.535 million bushels closer to forecast in August USDA 4,531 million bushels. weekly grade USDA Good to excellent remained unchanged at 57% for the soybean crop.

* On the other hand, USDA Confirmed the private sale of 264,000 tonnes of US soybeans to undisclosed locations on Tuesday.

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