World grain market: Wheat and soybeans rose in price, while corn prices fell on Tuesday

On Tuesday, November 28, 2023, wheat futures on the Chicago Board of Trade (CBOT) rose. At the end of the trading day, March soft winter wheat quotes on the Chicago Mercantile Exchange CBOT rose to $210.17 per ton, March hard winter wheat KCBT futures in Kansas City - up to $226.98 per ton, March hard spring wheat futures MGEX in Minneapolis - up to $262.07 per ton. Chicago Board of Trade (CBOT) wheat rose nearly 2% on Tuesday, recovering from a sharp decline on Monday, while corn fell under pressure from a record US harvest. Predicted rains in Brazil also put pressure on corn prices. An additional 50-75mm of rain is expected across the country over the next two weeks. The pressure on the market is likely to be limited, as the current rainfall forecast is estimated at 40-60% of normal and is unlikely to compensate for the country's moisture deficit. Chicago soybean futures rose more than 1% on Tuesday on concerns that hot weather in South America will damage the crop, while the ...