Feb 8, 2023
US Bread Wheat Premium Highest in Over a Decade on Dry Weather
(Bloomberg) -- Wheat, corn and soybean futures in Chicago edged higher on Wednesday as traders waited for a key crop report.
The US Department of Agriculture is likely to trim its world inventory forecasts for corn and soybeans, and boost its estimate for wheat on Thursday, according to the average of analyst estimates in a Bloomberg survey.
Brazil’s domestic soybean harvest is being slowed by rains, which in turn is delaying planting of the country’s second corn crop. Brazil’s national supply company Conab has cut its estimate for the nation’s total corn crop by 1%.
Slow US corn exports are worrying the market, while “soybeans likely has less downside risk from an ‘as expected’ WASDE,” according to Tobin Gorey, strategist at Commonwealth Bank of Australia.
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