Wheat, corn and soybeans rebound ahead of data

Chicago wheat, corn, and soybean futures recovered from this week's losses, driven by favourable crop prospects and position adjustments ahead of U.S. inflation data and crop forecasts. The most-active wheat contract rose by 1.3% to $5.69 a bushel, corn increased by 0.7% to $4.10-1/4 a bushel, and soybeans were up by 0.4% to $10.71 a bushel. The financial markets are anticipating U.S. consumer price inflation data, which could influence potential interest rate cuts. The grain markets will also be influenced by updates on Brazilian crops and U.S. department of agriculture supply and demand forecasts. Traders are also closely monitoring weather conditions as the northern hemisphere entering the key growing season.

Chicago wheat, corn and soybean futures regained ground on Thursday after losses this week on favourable crop prospects, and as investors adjusted positions before U.S. inflation data and Brazilian and U.S. crop forecasts. The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 1.3% at $5.69 a bushel by 1031 GMT, while CBOT corn Cv1 rose 0.7% to $4.10-1/4 a bushel, after a near two-week low in the previous session. CBOT soybeans Sv1 were up 0.4% at $10.71 a bushel, after falling to another near four-year low. Financial markets are bracing for a U.S. consumer price inflation (CPI) reading on Thursday that will provide another pointer to possible interest rate cuts. Grain markets will also get an update on Brazilian crops from monthly forecasts from the Conab agency on Thursday before the U.S. Department of Agriculture publishes U.S. and world supply and demand forecasts on Friday. “Today’s CPI inflation data is July’s no. 1 most important macro data point,” Peak ...