Wheat, corn and soybeans rise in Chicago on Tuesday

Wheat, corn and soybean futures closed higher on the Chicago Board of Trade (CBOT) on Tuesday, October 6. December wheat gained 1.74% to $258.76/t, December corn rose 2.16% to $200/t, while November soybeans increased 1.74% to $478.76/t.

Wheat was supported by slower US winter wheat planting. As of October 4, 36% of the planned area had been planted, 10 percentage points behind the five-year average. The largest delays were reported in Kansas, Oklahoma and Texas.

Corn also strengthened amid slower harvest progress. US farmers had harvested 23% of the crop, 4 percentage points behind the average pace. At the same time, US corn exports in August reached a record 7.42 mln tons for the month, up 25.7% from July.

November soybean futures rose to $13.03/bu. The US soybean harvest was 25% complete, 7 percentage points behind the normal pace, with the largest delays recorded in Iowa, Minnesota and Nebraska. US soybean meal exports also reached a record 1.37 mln tons in August.

European grain markets also ended the session higher. December milling wheat futures on MATIF rose to €247.50/t, while November corn advanced to €277/t.

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