Corn, soy, wheat prices soar on weather worries
Wheat, corn, and soybeans futures have set multi-month highs amid dry weather concerns. IGTV’s Angeline Ong takes a look at the summer weather outlook, and the impact on harvests this year.
(Video Transcript)
Commodities overview
Dry conditions in the United States The Midwest is raising concerns among soft commodity traders. Wheat, corn, and soybeans are all set for multi-month highs. Let's take a look at that for you, starting with soybeans here on the platform. As you can see, it's been quite a steady march up since the end of May. And it's been getting steeper ever since.
Corn
Same for corn as well. The picture here Let's get corn up for you. There you go. Similar march up for corn. And as you can see, that ties in with the previous chart for soybeans around the end of May.
We're seeing this quick tick up. If you can see from my chart here up to the 600 level, if we progress through and break through the 601 level, we could see a march back up towards 648, a level not seen since the middle of April.
The US Department of Agriculture
Last month, the US Department of Agriculture predicted record corn and soybeans harvests in 2023, and this sent prices to levels not seen since November 2021. But at the end of last month, Chicago wheat hit a two-and-a-half-year low. Now, all this is down to the weather.
Temperatures are on the rise. Crops are already struggling due to the lack of moisture and water, and you can see here a similar trend in wheat futures.U.S. markets will be closed on Monday, so no trading until tomorrow for commodity traders or those wanting to trade these assets on the ag platform.
But we'll be keeping a close eye on the weather forecast for you in the Corn Belt and affected areas in the US. For more videos from us here at IGTV. Join us on Twitter at @IGcom and subscribe to our YouTube channel.
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