Forecasts for warmer and drier weather in a top U.S. growing region prompted corn and soybean futures to slip in value on Thursday, according to Bloomberg.
The reports about more favorable weather in the Midwest during the next week also prompted wheat futures to lose value as April began.
"It's very, very early days really for the market to get too excited about building in a late-planting weather premium," independent grain broker Dave Norris in Harrogate, England told the news source on Thursday. "With all the modern equipment and technology farmers have got now, when they really want to they can plant a lot of corn in a week's time."
At 9:53 a.m. on Thursday, corn futures fell 0.77 percent, a 0.04-cent dip to $5.15 per bushel. At 9:54 a.m., soy futures dropped 1.37 percent, a 0.2075-cent slide to $14.92 per bushel. At 9:53 a.m., wheat futures slumped 0.55 percent, a 0.04-cent loss to $7.175 per bushel.
Reuters reports wheat futures are riding an eight-day bullish trend as the agricultural commodity pushes toward its top value in about 35 days.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.