Chicago | Reuters — Chicago soybeans inched higher on Wednesday, bouncing from two days of declines, though the recovery was limited by rain improving weather forecasts in the U.S. Midwest.
Wheat prices fell, pressured by increased export activity from Ukraine, while corn traded near even.
The most-active soybean contract on the Chicago Board of Trade (CBOT) ended the day up nine cents at $13.90 a bushel (all figures US$).
CBOT corn gained 1-3/4 cents to $6.12 a bushel, while CBOT wheat fell 22-1/4 cents to $7.80-1/2 a bushel.
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Forecasts for rain this week in dry western parts of the U.S. Midwest pressured soybean prices, as the crop finishes filling out through the end of August.
“The rain has been a godsend for the beans,” said Mark Schultz, chief analyst at Northstar Commodity. “An inch and a half, two inches of rain — that probably is enough to get a good fill to finish up that crop.”
Wednesday’s gains were muted, which could mean additional selling as the week progresses.
“We’re trying to hold on to some strength,” said Ted Seifried, vice-president of Zaner Group. “So far, it’s not looking very impressive. Not as impressive as is needed for soybeans.”
Chicago wheat came under pressure as Ukrainian grain shipments gained pace. The country expects five ships to arrive at its Chornomorsk Black Sea port on Wednesday for loading with more than 70,000 tonnes of wheat, corn and sunseed oil, the largest convoy so far under a U.N.-brokered grain export deal.
Wheat prices have also been curbed by stronger-than-expected harvests in Russia and India, despite uncertainties over exports from both countries.
India raised its wheat production estimate, with the world’s second-biggest grains producer harvesting 106.84 million tonnes of wheat in 2022, up from previous estimates of 106.41 million tonnes, the Indian farm ministry said.
Consultancy Sovecon raised its forecast for Russia’s 2022 wheat crop to 94.7 million tonnes from 90.9 million on Tuesday.
— Reporting for Reuters by Christopher Walljasper in Chicago; additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore.
