Global cereal prices on October 5, 2023: Corn and soybeans decreased while wheat increased

In the trading session on October 5, 2023, Chicago corn prices fell, soybean prices fell as prices of both crops came under pressure from increased harvests in the US and abundant global supplies. Meanwhile, wheat futures rose, offsetting a decline in the previous session due to production concerns in Argentina. Corn contracts on the Chicago Board of Trade fell 0.1% to 4.85-3/4 bushels and soybeans fell 0.1% to 12.71-1/2 bushels. Wheat prices increased 0.9% to 5.64-3/4 bushels. A trader based in Singapore said the weather in the US is forecast to be favorable for corn and soybean harvests in the coming weeks. Supply from the US harvest will likely put pressure on prices. Newly harvested US corn and soybean supplies are entering the market and putting pressure on prices. The US Department of Agriculture said the corn and soybean harvests were both 23% complete, slightly above their respective five-year averages. Commodities brokerage StoneX SNEX.O raised its estimate for ...