Wheat, corn and soybeans decline in Chicago on Tuesday, while European futures rise

On Tuesday, October 13, wheat, corn and soybean futures on the Chicago Board of Trade (CBOT) closed lower as market participants assessed updated USDA forecasts for global grain supplies. December wheat futures fell by 0.45% to $245.91/t, while corn declined by 0.05% to $190.05/t. November soybean futures lost 0.31%, closing at $471.70/t.

Wheat prices remained under pressure from forecasts of higher US stocks and cautious trading sentiment. The December CBOT contract fell by 3 cents to $6.69¼ per bushel. Meanwhile, traders assessed export demand prospects and changes in the global wheat balance following the release of the October USDA report. Investment fund activity remained subdued, limiting price fluctuations.

Corn futures also remained under pressure from higher US production forecasts. The December contract closed at $4.82¾ per bushel, down 0.25 cents. USDA had previously raised its US corn yield estimate to 181.2 bushels per acre, reinforcing expectations of ample grain supplies. Meanwhile, market participants continued to monitor harvest progress and export demand.

November soybean futures declined by 4 cents to $12.83¾ per bushel. Prices were affected by a seasonal increase in new-crop supplies in the US and declining soybean meal prices. Uncertainty over Chinese demand for US soybeans remained an additional factor, as market participants assessed further developments in trade relations between the US and China.

European markets showed the opposite trend. December wheat futures on Euronext MATIF rose by 1.03% to €245.75/t, or approximately $274.95/t. November corn futures gained 4.33% to €289/t, or $323.33/t. Meanwhile, November rapeseed futures increased by 0.34% to €518.75/t. Thus, European grain markets posted gains despite declines in major agricultural futures in Chicago.

Tags: corn, soybean, Grains, oilseeds, wheat, global market