KANSAS CITY, MISSOURI, US — Wheat and corn futures were lower Aug. 1 after news that a Ukrainian ship carrying export corn had safely launched from Odesa for the first shipment since the February Russian invasion and Black Sea blockade. Soybean futures were sharply lower, falling about 4% on profit-taking and geopolitical relationship strains with China, the world’s leading soybean importer.
September corn declined 9¼¢ to close at $6.07 a bushel. Chicago September wheat dropped 7½¢ to close at $8.00¼ a bushel. Kansas City September wheat dropped 8¢ to close at $8.66½ a bushel. Minneapolis September wheat declined 8½¢ and closed at $8.97½ a bushel. August soybeans plunged 42¾¢, closing at $15.94¼ a bushel. August soybean meal fell $8.30 to close at $487 per ton. August soybean oil dropped 2.37¢ to settle at 66.23¢ a pound.
Unable to sustain July’s momentum, US equity markets closed the first session of August lower on Aug. 1. Investors processed data from corporate earnings’ reports and manufacturing briefs that showed a much slower growth rate. The Dow Jones Industrial Average dropped 46.73 points, or 0.14%, to close at 32,798.40. The Standard & Poor’s 500 declined 11.66 points, or 0.28%, to close at 4,118.63. The Nasdaq Composite lost 21.71 points, or 0.18%, to close at 12,368.98.
US crude oil declined Aug. 1. The September future fell $4.73 to close at $93.89 per barrel. The US dollar index weakened as well.