CHICAGO: Chicago soybean futures rose on Wednesday, with the July contract hitting a two-month high on optimism about export demand for US supplies of the oilseed, analysts said.
Corn followed soybeans higher, with front contracts leading the way up in both markets. But wheat futures fell on profit-taking, a day after the July contract set a six-week top.
As of 12:40 p.m. CDT (1740 GMT), Chicago Board of Trade July soybeans were up 22-1/4 cents at $17.14 per bushel after rising to $17.21-3/4, the contract’s highest since Feb. 24.
CBOT July corn was up 7-1/4 cents at $8.07 a bushel while July wheat was down 16-1/4 cents at $10.92-3/4 a bushel.
Export prices for US soybeans are competitive with Brazilian supplies for May loadings and cheaper than Brazil for June, July and August, Arlan Suderman, StoneX chief commodities economist, wrote in a client note. Brazil and the United States are the world’s top soybean exporters.
“US soybean shipments are already trending higher in recent weeks, suggesting an active summer of bean loadings that draw down US supplies,” Suderman said.
Corn futures turned up, rallying from early declines, and hovered just below life-of-contract highs set a day earlier. Traders continue to monitor weather forecasts for the US Midwest, where planting is off to a slow start.
Uncertainty about the impact of the two-month-old war in Ukraine on global supplies of corn and wheat continued to underpin those markets.