From Agrimoney:
Oilseed and, especially, grain prices lost ground after US officials, in a much-watched crop report, raised estimates for world supplies of corn, soybeans and wheat, surprising investors, who had expected downgrades.Chicago wheat futures for July, which had stood marginally higher in ahead of the data, fell to $5.92 a bushel immediately afterwards, a drop of 1.5% on the day, and the weakest for a spot contract since February.
Wheat is starting to look interesting from the long side with the March gap filled. $5.90 last:
In Paris, November wheat futures touched E189.00 a tonne, matching the lowest price for a spot contract since September.Chicago corn futures for July lost gains to stand at $4.42 a bushel for July delivery, down 0.8% on the day and the weakest price for a spot contract in nearly four months.The soybean market displayed marked volatility, trading over a 10-cent trading range over a four-minute spell which took it both into positive and negative territory, before settling down to show a small decline.'Improved growing conditions'The price moves followed the release of the US Department of Agriculture's monthly Wasde crop report which confounded expectations by raising estimates for world stocks of corn, soybeans and wheat at the close of 2014-15.For corn, the estimate for world inventories was nudged higher by 80,000 tonnes to a 15-year high of 182.65m tonnes, reflecting increased expectations for crops in the European Union, where Germany has enjoyed "improved early season growing conditions", and the former Soviet Union....MORE
