The most active soybean futures contract on the Chicago Stock Exchange was headed for its largest daily percentage increase since March 1as traders digested what delays would mean for harvest prospects in places like North Dakota and Minnesota.
Thus, soybeans as of July rose 2.8% to US$635.19, getting closer to its historical record of US$650 registered in 2021. The oilseed, which had traded in negative territory for much of the global session, reached its highest price since February 24.
Corn futures, on the other hand, fell slightly due to the pressure of disappointing export data, Meanwhile he Wheat advanced, buoyed by spring wheat contracts on expectations of another slowdown in planting in the northern plains of the United States.
The strength of crude oil also supported soybeans.
The benchmark July wheat contract was up slightly to around $423. Commodity Weather Group said in a note to clients that rains would disrupt planting in North Dakota, South Dakota and Minnesota starting Saturday, the states furthest behind due to cold, wet spring weather.
Meanwhile, corn in July fell 0.8% to US$301.57. The US Department of Agriculture said weekly export sales of corn totaled 210,000 tons, below forecasts of between 350,000 and 1.3 million tons.
Source: Ambito
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