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2026-04-07 21:56:49
[Rainfall in producing areas suppresses wheat prices, crude oil boosts soybean oil, CBOT trades narrowly awaiting key report] ⑴ Chicago Board of Trade (CBOT) expects wheat futures to fall 1 to 4 cents per bushel on Tuesday, mainly pressured by forecasts of rainfall in drought-stressed plains, but weaker-than-expected conditions for the U.S. winter wheat crop limited the decline. ⑵ Meteorologists say rainfall later this week is expected to alleviate excessive dryness in the central and southwestern plains, but western Kansas and eastern Colorado may remain dry until late April. ⑶ Data from the U.S. Department of Agriculture (USDA) shows that as of Sunday, the U.S. winter wheat crop condition was only 35% good to excellent, below the average analyst expectation of 42%, while spring wheat planting was 3% complete, 1 percentage point ahead of schedule. ⑷ Corn futures are expected to hold steady to fall 3 cents per bushel, with prices continuing to trade within a range. Traders are closely watching developments in Iran and awaiting the USDA's monthly supply and demand report on Thursday. ⑸ The USDA says that as of Sunday, U.S. farmers had completed 3% of corn planting, 1 percentage point ahead of average expectations. (6) Soybean futures are expected to hold steady to rise 2 cents per bushel, while soybean oil futures rose to a three-year high, boosted by stronger crude oil prices. Trading also remained range-bound ahead of Thursday's USDA report. (7) Agricultural consulting firms reported that as of last Thursday, Brazilian farmers had completed 82% of the 2025/26 soybean harvest, a 7 percentage point increase from the previous week, but still lower than the 87% completed at the same time last year.
