NTR - Corn wheat futures surge as rest of July seen drier and hotter for U.S. crops
2023-07-18 18:20:33 ET
Corn and other agricultural commodities rose Tuesday on expectations that the rest of July will be drier and hotter for U.S. crops .
Rainfall in the Midwest looks to be tapering out, giving way to a drier and hotter second half of the month, which in turn may damage U.S. crops, particularly corn.
The heat comes as corn is in the pollination phase, which if interrupted, could significantly impact yields, analysts said, also noting a weaker U.S. dollar also supports prices.
Chicago Board of Trade corn for December delivery ( C_1:COM ) closed +5.2% to $5.32 1/2 per bushel, while September wheat ( W_1:COM ) settled +2.4% to $6.69 1/4 per bushel and November soybeans ( S_1:COM ) finished +1.2% to $13.94 1/2 per bushel.
ETFs: ( NYSEARCA: CORN ), ( NYSEARCA: WEAT ), ( NYSEARCA: SOYB ), ( DBA ), ( MOO )
Fertilizer stocks all rose sharply in Tuesday's trading: Mosaic ( MOS ) +5% , Nutrien ( NTR ) +4% , CF Industries ( CF ) +3.2% , Intrepid Potash ( IPI ) +7.5% .
Wheat and corn futures also were supported as Ukrainian officials said Russian air strikes damaged infrastructure at the Black Sea port of Odesa, a day after Russia left the export deal that allowed Ukraine crop shipments.
Analysts said concerns are rising that Ukraine ports may be mined to prevent a Russian offensive from the sea or to limit trade from open ports.
More analysis on U.S. crop futures:
- CORN: The Impact Of Ukraine-Russia Conflict, Drought And More
- WEAT: Upgrading To Buy On El Niño Effects
- DBA As Choices In Agricultural ETF Products Decline
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Corn, wheat futures surge as rest of July seen drier and hotter for U.S. crops