SINGAPORE: Chicago soybean and corn futures gained more ground on Wednesday, with forecasts of dry weather in the US Midwest supporting prices.
Wheat rose for a second session, as Russian air strikes damaged infrastructure at the Black Sea port of Odesa, a day after Moscow quit the export deal that facilitated Ukraine crop shipments.
“Forecasts of dryness for rest of July and early August for US for corn and beans is supporting prices,” said one Singapore-based trader.
“The situation in Russia and Ukraine is expected to reduce grain and oilseed shipments.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.3% to $13.99-1/4 a bushel, as of 0456 GMT, and corn gained 1.4% at $5.41-3/4 a bushel.
Wheat rose 1.2% to $6.78-1/2 a bushel.
The market is worried about the potential for warmer, drier weather to trim yields in late July and in August, which are critical months for soybean and corn development.
Soybeans set for biggest weekly gain in one month on US weather woes
Russia launched air attacks on Odesa for a second night in row but the key port will not be intimidated and will continue its work to export grains, Ukrainian officials said early on Wednesday.
Brazil is poised to export a record 18.3 million metric tons of soybeans, soymeal, corn and wheat in July, revised data from exporters association Anec showed on Tuesday, even though soybean shipment projections fell from last week.
The previous record for July was set in 2020 for the four commodities, when 14.8 million metric tons were exported, Anec said.
Commodity funds were net buyers of CBOT corn, wheat, soybean and soymeal futures contracts on Tuesday, and net sellers of soyoil futures, traders said.
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