Corn futures fall over 1% as dollar powers up

Economies.com
2022-11-03 19:54PM UTC

Most agricultural commodities fell on Thursday as the dollar rallied against most major rivals, pressuring grains and other commodities. 

 

The Russian government announced its return to  the grains export deal from the Ukrainian ports through the Black Sea after a two-day suspension. 

 

Brazil soybeans production outlook remains strong with analysts expecting the Latin country to produce 154.35 million tones in the 2022/2023 season, up from 153.8 million tones before. . 

 

In tandem, US soybean harvest frequency is declining, with 88% of the harvest already completed according to official data, while corn harvest is 76% complete. 

 

Argentina is preparing to announce measures to allow wheat exporters to delay shipments after a dry wave that hurt the harvests. 

 

Drought could also cause severe damages to grain harvests in the US, with the government only assessing 28% of the wheat harvest as good to excellent, the lowest such rating since 1987.

 

The dollar index rose 1.5% to 112.9 as of 19:42 GMT, with a session-high at 113.1, and a low at 111.8.

 

Corn

 

Corn futures due in December closed 1.2% down at $6.79 a bushel.

 

Soybeans 

 

Soybean futures due in November fell 1.2% to $14.37 a bushel.

 

Wheat

 

Wheat futures due in December declined 0.7% to $8.40 a bushel.

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