On Monday, CBOT wheat futures rose to a two-week high, driven by global demand expectations. The most active CBOT wheat contract settled at $5.79-3/4 per bushel, bouncing back from a three-year low last month. However, the ongoing Israel-Hamas conflict tempered these gains.
Despite stiff competition from Black Sea origins, prices continued to rise, according to Russia’s IKAR agriculture consultancy. Meanwhile, CBOT corn dipped by 3-1/4 cents to $4.90 per bushel.
On the other hand, soybeans ascended by 5-3/4 cents to $12.86 a bushel, bolstered by soaring soyoil futures. The U.S. Department of Agriculture reported above-expected soybean export inspections of 2 million metric tons for the week ending Sunday.
The National Oilseed Processors Association (NOPA) noted a record-breaking U.S. soybean crush for September and the lowest soyoil stocks in nearly nine years. This development marks an important shift in the commodities market that could have significant implications for future trade dynamics.
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