Wheat mixed, corn down and soybeans higher in Chicago on Tuesday
US wheat futures posted mixed results on Tuesday, September 29. December SRW wheat in Chicago rose 0.58% to $254.54/t, while HRW wheat in Kansas City declined to $273/t and spring wheat in Minneapolis fell to $256.93/t.
Chicago corn edged lower, with the December contract down 0.19% at $205.51/t. The market was pressured by expectations of larger US stocks, with analysts forecasting September 1 inventories at 1.911 bln bushels, compared with 1.551 bln bushels a year earlier.
Soybeans moved higher. November futures gained 0.74% to $476.83/t. As of September 27, the US soybean harvest was 17% complete, in line with the average pace.
European wheat also strengthened. December MATIF wheat futures rose 1.11% to €236.25/t, or $268.64/t. Meanwhile, November corn in Paris fell 0.83% to €266.25/t, or $302.75/t.
The market is also awaiting quarterly NASS data on US grain stocks. Analysts expect wheat stocks as of September 1 at 1.857 bln bushels, down 277 mln bushels year-on-year, while soybean stocks are estimated at 321 mln bushels versus 325 mln bushels a year earlier.
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