Wheat, corn and soybeans rise in Chicago on Tuesday

Futures for major grains and oilseeds on the Chicago Board of Trade (CBOT) closed higher on Tuesday, September 1. December wheat futures gained 1.1% to $287.51/t, corn rose 1.54% to $214.96/t, while November soybean futures increased 1.24% to $484.18/t.

Wheat continued to strengthen amid geopolitical tensions and risks to supplies from the Black Sea region. December SRW wheat futures in Chicago settled at $7.825 per bushel, up 8.5 cents. Uncertainty surrounding Black Sea logistics and limited Russian export volumes also supported prices.

Corn futures also advanced, with the December contract gaining 8.25 cents to $5.46 per bushel. Additional support came from strong US processing demand: 474.7 mln bushels of corn were used for ethanol production in July, up 2.3% from June and 3.75% from a year earlier.

Soybean futures posted particularly strong gains. The November contract rose 29.75 cents to $13.1775 per bushel. Prices were supported by USDA’s announcement of a 136 thsd ton sale of new-crop soybeans to China, as well as deteriorating US crop conditions, with the share of soybeans rated good to excellent falling to 58%.

European grain markets also moved higher. On Euronext MATIF, December wheat gained 3.67% to €253.50/t ($294.49/t), while November corn rose 1.97% to €274.25/t ($318.60/t). Thus, Tuesday’s rally extended across major grain and oilseed markets in both the US and Europe.

Tags: corn, prices, soybean, wheat, futures, Chicago