Corn, Soybeans, and Wheat Fall Amid Dollar Strengthening
Corn, soybean, and wheat futures dropped on Friday in Chicago, pressured by a stronger dollar following the European Central Bank’s (ECB) interest rate cuts, weaker-than-expected weekly exports, and technical movements.
The dollar strengthened against the euro after the ECB reduced interest rates for the fourth time this year and U.S. consumer prices recorded their largest increase in seven months. A stronger dollar made U.S. exports less competitive in global markets.
According to data of the U.S. Department of Agriculture (USDA), net corn export sales totaled 946,900 metric tons, below analysts’ expectations of at least 1.1 million metric tons. Soybean sales reached 1.1738 million metric tons, also falling short of estimates, though the USDA later reported an additional 334,000 metric tons in daily sales to undisclosed buyers.
In the Chicago Board of Trade, the most active wheat contract dropped 5.75 cents to $5.575 per bushel. Corn futures fell 4.75 cents to $4.435 per bushel, and soybeans edged down 0.25 cents to $9.9525 per bushel.
Profit-taking after the previous session’s gains and technical selling added further pressure.
March corn futures encountered resistance at their 200-day moving average, while January soybeans failed to surpass their 100-day moving average. Both contracts were also weighed down by expectations of a bumper Brazilian harvest.
Brazil’s crop agency Conab raised its forecast for 2024/25 soybean production to a record high on Thursday.
Remember you can follow our exclusive live rates of commodities on FXLeaders!
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals