USA: Corn rose on Tuesday, and wheat and soybeans continued to decline

Updated Sep 20, 2023
On Tuesday, September 19, 2023, wheat futures on the Chicago Board of Trade (CBOT) declined due to export competition from Black Sea suppliers. At the end of the trading day, December quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT dropped to $214.58 per ton, December futures of hard winter wheat KCBT in Kansas City - to $268.59 per ton, December futures of hard spring wheat MGEX - to $286, 50 per ton.
Wheat fell due to huge supplies from Russia, where export prices continued to fall last week. But the decline in prices was limited by expectations that hot, dry weather will reduce harvests in the southern hemisphere, and Australia on Tuesday announced that the country was experiencing an El Niño weather phenomenon. U.S. corn futures rose on Tuesday amid strong buying after prices hit their lowest level in nearly three years overnight, but gains were capped by expectations for a strong U.S. crop and weak export demand. US corn quality continues to deteriorate amid dry weather in the Midwest. The share of crops in good and excellent condition fell to 51% over the week, 1 percentage point lower than last week and last year. At the same time, corn harvesting in the country is progressing ahead of average rates. By September 17, 9% of the crop area had been threshed, 2% above the long-term average. Soybeans closed lower on Tuesday after choppy trading, setting a one-month low under ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.