Wheat Fund Falls 2.3% as Corn, Soy Also Slip | Grains, Oct 7
Grain funds slipped as the dollar rose, with wheat down 2.31%. Brazil's soybean planting is behind last year, and USDA's WASDE report is due on Friday. The post Wheat Fund Falls 2.3% as Corn, Soy Also Slip | Grains, Oct 7 appeared first on The Rio Times .
On Wednesday, October 7, grain funds experienced a decline. The wheat fund (WEAT) dropped 2.31% to US$24.90, corn (COR) slipped 1.24% to US$19.05, and the soybean fund (SOYB) decreased 0.50% to US$27.59. Brazil and Argentina are key exporters of soy and corn, with planting progress playing a significant role. According to AgRural, 7.3% of Brazil's soybean crop was planted by October 1, falling short of last year's 9%.
Traders await the U.S. Department of Agriculture's WASDE report on Friday for further insights. Grain prices face pressure from abundant U.S. supplies, while slower Brazilian planting offers limited support for soybeans. Wheat saw the most substantial decline, with the WEAT fund losing 2.31% to US$24.90 after two days of gains. The COR and SOYB funds followed with 1.24% and 0.50% declines, respectively.
These funds hold futures contracts, not physical grain, so their movements differ from cash prices. No verified futures settlements were recorded for the session. The S&P 500 slipped 0.22%, while the dollar index increased 0.41%, factors that typically impact dollar-priced crops. The prevailing trend suggests position squaring ahead of the USDA supply report on Friday, following recent gains in wheat and corn.
The key to monitor is the WASDE report. It remains uncertain whether the declines will persist after one session.
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