Chicago soybean corn prices both rebounded

Xinhuanet Chicago June 20 (Reporter Li Wei) received a large amount of rainfall this week in the Midwest of the United States. The futures prices of corn and soybeans in the Chicago Futures Exchange stabilized and stabilized on the 20th. Due to the fierce competition in the US wheat market in the international market and the further expansion of the global wheat supply, wheat prices have fallen to their lowest level since July 22, 2010.

On the same day, the most active July contract in the corn market rose 0.25 cents to close at 7.05 dollars per bushel, up 0.04%. The July wheat contract fell 13 cents to settle at 6.5925 U.S. dollars, a decrease of 2%. July soybean contract rose 2.75 cents to close at 13.3575 US dollars per bushel, an increase of 0.2%.

Weather forecasts show that there will be a lot of rain in the Midwest this week. Analysts say that because part of the local soil moisture is close to saturation, excessive rainfall on the one hand may cause the quality of the sown crops to decline and hinder soybean planting. On the other hand, it will also increase the damage caused to the crops by the floods in the Missouri River Basin. Therefore, it supports the prices of corn and soybeans.

At the same time, the market's expectation of active clearance of speculative forces, high corn prices to curb demand for ethanol and livestock feed, and further expansion of feed wheat supply pose a bearish trend for corn prices.

In wheat, due to the increasingly fierce competition between wheat in the United States, the Black Sea region, and Europe in the international market, coupled with the increase in the US dollar that means US wheat is more expensive for buyers holding other currencies, the wheat price is obviously under pressure.

In addition, there were rumors that the US wheat harvest would be higher than market expectations, and the Ukrainian Ministry of Agriculture raised its seasonal grain output from the previous forecast of 45 million metric tons to 50 million metric tons, which indicates that the global wheat supply will further expand for wheat. The market added negative factors.