Wheat fell as Ukraine sought new Black Sea export routes, adding pressure to corn futures.
August 22, 2023 (The Republic)-. Chicago soybeans rose on Monday for the fourth straight session to a maximum of three weeks, as hot, dry conditions in the United States increase concerns about plant stress.
Wheat fell as Ukraine sought new Black Sea export routes which also added pressure on corn futures.
Markets await the results of the annual Pro Farmer crop tour, to survey corn and soybean fields throughout the Midwest this week.
The most active soybean contract on the Chicago Stock Exchange Sv1 rose US$2.75 cents, to US$13.56 per bushel, at 1740 GMT, after touching its highest level since July 28.
Chicago corn Cv1 fell 8 cents to $4.85, while wheat Wv1 lost $12.75 cents to $6.2625 a bushel.
Extreme heat is expected this week in large areas of the Midwest of the United States, with higher temperatures 37.8 degrees Celsius on the plains of America.
Warming temperatures, combined with a lack of rain, can damage soybean plants during an important stage of development.
The US Department of Agriculture’s weekly crop rating, which is scheduled to close after the market closes on Monday, may show early signs of damage from last week’s dry weather.
Soybeans also found support after exporters sold 159,350 metric tons of US soybeans to undisclosed destinations early Monday, according to the USDA. Exporters also sold 111,770 metric tons of corn to Mexico, the USDA said.
The latest military incidents in the war between Russia and Ukraine prompted short coverage on Friday, as the threat of further disruption of the Black Sea grain trade loomed over the market, although a new plan to secure Ukrainian export ships traveling through a newly tested corridor adds pressure.