Soybeans, corn gain on signs of better demand

Chicago soybean, corn, and wheat futures experienced a slight increase due to signs of rising demand and concerns over potential crop yields. The most-active soybean contract on the Chicago Board of Trade (Sv1) rose 0.2% to $9.77-1/2 a bushel, corn Cv1 increased by 0.4% to $3.99-3/4 a bushel, and wheat Wv1 gained 0.3% to $5.58-1/4 a bushel. High yield prospects in Nebraska and Indiana, along with increased exports to China and Mexico, contributed to the rise in prices. Conversely, pest and weather concerns in Argentina might reduce its corn crop by 17%. Additionally, a cargo ship has been quarantined in the Parana River due to a suspected mpox case, and Russia might harvest less wheat than forecasted due to adverse weather conditions.

Chicago soybean and corn futures ticked higher on Wednesday on signs of rising demand as traders monitored the progress of the Pro Farmer crop tour, which has so far forecast high yields. Wheat also rose amid concerns of a smaller harvest in Russia. “Prices are cheap to attract some buying interest,” said one trader in Singapore. “But supplies of both corn and beans are large enough to prevent any big upside in prices.” The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.2% at $9.77-1/2 a bushel, as of 0511 GMT, corn Cv1 edged 0.4% higher to $3.99-3/4 a bushel, while wheat Wv1 gained 0.3% at$5.58-1/4a bushel. Nebraska’s corn yield prospects and soybean pod counts are at levels not seen since 2021, surpassing both last year’s findings and their three-year averages, scouts on an annual tour of top U.S. production states found on Tuesday. Indiana’s soybean pod count is the largest on the Pro Farmer crop tour in 22 years and its corn yield prospects are ...