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OFFON

WHEAT FUTURES (W) - CBR (FLOOR)/C1

End-of-day quote. End-of-day quote Chicago Board Of Trade - 08/03
724.5 USc   -0.69%
12:09aWheat rebounds on supply concerns, soybeans firm
RE
08/03Wheat firms as global supply concerns mount
RE
08/03Soybeans fall on improved crop outlook, forecast
RE
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GRAIN HIGHLIGHTS: Top Stories of the Day

06/03/2021 | 05:22pm EDT

TOP STORIES:

Corn Falls as Weather Outlook Improves

Corn for July delivery fell 2.2% to $6.60 1/2 a bushel amid a weather outlook for freshly planted Midwestern crops that improved throughout the day. A forecast showing very hot and dry conditions in the Midwest in the coming days was tempered later in the day, taking support away from grains futures.

Additionally, damage suspected to have happened in last weekend's cold and wet weekend doesn't appear to be extensive, said Karl Setzer of AgriVisor.

Soybean Oil Prices Top All-Time Highs -- Market Talk

0953 ET - Soybean oil futures on the CBOT opened trading today above 71 cents per pound, which is an all-time high -- beating the previous high set in March 2008. Tightness in the vegetable oil market has been a factor pulling prices in soybeans higher, and is a support for futures prices today. "Markets trading higher overnight with strength in bean oil spilling into the beans, which are pulling the corn along," says Doug Bergman of RCM Alternatives. Soyoil futures have pared gains since the market opened, with the most-active contract up only 0.3%. Soybeans meanwhile are up 0.5%. (kirk.maltais@wsj.com; @kirkmaltais)

STORIES OF INTEREST:

Farmers' Costs Rise in May -- Market Talk

12:22 ET - While prices for crops like corn and soybeans have been on the rise this year, US farmers are seeing higher costs eat into their profit margins, the Federal Reserve Board says in a report this week. In the Midwest, costs for farmers are on the rise, even though higher prices have given farmers reason for optimism. "Supply chain issues are raising many producers' costs although higher commodity prices have helped generate higher incomes, maintaining profit margins," the Fed says. Overall, farm incomes rose in 2Q, according to the report. (kirk.maltais@wsj.com; @kirkmaltais)

Stronger US Dollar Sinks Grains -- Market Talk

12:55 ET - Grains futures on the CBOT are sinking in response to an uptick seen in the US dollar today. The WSJ Dollar Index is up 0.7%, which is pressuring grains. "Wheat is probably the most susceptible to a strong dollar on the global market, as it is grown in most areas of the world," Arlan Suderman of StoneX says. "As such, a strong dollar makes it difficult for US wheat to compete." Wheat futures are leading grains lower, with the most active contract down 1.8%, corn 1.7% lower and soybeans off 0.5%. (kirk.maltais@wsj.com; @kirkmaltais) US Rail Shipments of Grains Higher -- Market Talk

US Rail Shipments of Grains Higher -- Market Talk

12:51 ET - Shipments of US grains via railways are unchanged from last week, but are still higher than this time last year, according to USDA data. In the USDA's latest grains transportation report, rail shipments of grains in the US totaled 25,396 grain carloads during the week ended May 22, unchanged from the previous week but 16% more than last year. However, shipments via barge fell 16% from the previous week's report, totaling 860,760 tons for the week ended Saturday. (kirk.maltais@wsj.com; @kirkmaltais)

THE MARKETS:

Hogs Turn Higher Along With Cutouts -- Market Talk

1443 ET - After starting trading lower Thursday, lean hog futures on the CME turned the corner, closing today up 0.4% to $1.19325 per pound. The uptick seen in futures comes as pork cutouts posted gains through midday -- with carcass values rising $2.24 per hundredweight to $131.83 per cwt, according to the USDA. Pork loins, butts, and bellies were also gainers today, although rib cutouts shed $21.78 per cwt. Meanwhile, the effect of the JBS cyber-attack appears to have been factored into prices at this point. "As the slaughter estimates from USDA showed yesterday, many JBS beef and pork plants were up and running but production was still well below capacity as they operated single shifts," says Steiner Consulting Group. Live cattle futures closed down 0.7% to $1.192 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

06-03-21 1721ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.06% 0.74 Delayed Quote.-4.33%
BRITISH POUND / US DOLLAR (GBP/USD) 0.06% 1.3929 Delayed Quote.1.58%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.04% 0.79798 Delayed Quote.1.86%
CORN FUTURES (C) - CBR (FLOOR)/C1 -1.48% 550.5 End-of-day quote.13.02%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 0.00%End-of-day quote.0.00%
DJ INDUSTRIAL 0.80% 35116.4 Delayed Quote.14.14%
DOW JONES FXCM DOLLAR INDEX -0.13% 11875.73 Delayed Quote.1.90%
EURO / US DOLLAR (EUR/USD) 0.02% 1.187 Delayed Quote.-2.79%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 0.27% 159.325 End-of-day quote.13.89%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.13% 0.013485 Delayed Quote.-1.77%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.08% 123.35 End-of-day quote.8.12%
LONDON BRENT OIL 0.08% 72.4 Delayed Quote.45.28%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.15% 0.7052 Delayed Quote.-2.69%
S&P GSCI CORN INDEX -0.36% 454.2827 Delayed Quote.13.02%
S&P GSCI LIVE CATTLE INDEX 0.69% 437.372 Delayed Quote.10.65%
S&P GSCI SOY BEANS INDEX -1.28% 526.6495 Delayed Quote.2.92%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -2.24% 349.2 End-of-day quote.-18.83%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -0.69% 724.5 End-of-day quote.13.90%
WTI 0.01% 70.436 Delayed Quote.52.97%
All news about WHEAT FUTURES (W) - CBR (FLOOR)/C1
12:09aWheat rebounds on supply concerns, soybeans firm
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08/03Wheat firms as global supply concerns mount
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08/03Soybeans fall on improved crop outlook, forecast
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08/03Soybeans fall on improved crop outlook, forecast
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08/02Soybeans, corn drop around 1% on demand concerns; wheat eases
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08/02Wheat nears three-month high on global crop reduction
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