Wheat and soybeans rise in Chicago on Tuesday, while corn declines

Wheat and soybean futures ended higher in Chicago on September 8, while corn prices declined. December wheat gained 1.77% to $274.47/t, while November soybeans rose 0.5% to $483.63/t. December corn fell 0.61% to $210.04/t.

Wheat was supported by the lack of progress in negotiations aimed at ending the war between Ukraine and Russia, keeping risks to Black Sea supplies in focus. A sharp rise in crude oil prices provided additional support. Meanwhile, US wheat export inspections totaled 342.7 thsd tons in the week ending September 3, bringing shipments since the start of the marketing year to 5.13 mln tons, down 27.75% year-on-year.

Corn came under moderate pressure amid expectations of a large US crop. StoneX raised its US corn production forecast to 16.207 bln bushels from 16.160 bln previously. As of September 6, 5% of the US corn area had been harvested, while 46% of the crop was rated in good or excellent condition.

Soybean futures also finished the session higher, with the November contract rising to $13.16 per bushel. US soybean crop conditions remained stable, with 58% rated good or excellent. Meanwhile, China imported 12.14 mln tons of soybeans in August, up 5.7% from a year earlier.

European wheat and corn moved in the opposite direction to Chicago. December milling wheat futures on MATIF fell 0.73% to €247.25/t, or around $287.38/t, while the March contract declined to €246.25/t. November corn lost 0.67% to close at €266/t, while the March contract fell to €262.25/t.

Tags: wheat, futures, Chicago, global market, MАTIF, corn, prices, soybean