BEIJING- 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) was up 0.2 percent at $9.77-1/2 a bushel, corn edged 0.4 percent higher to $3.99-3/4 a bushel, while wheat gained 0.3 percent at $5.58-1/4 a 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 US 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 at a three-year high, scouts on the annual tour of top US grain and oilseed producing states reported on Tuesday.
Exporters sold 132,000 metric tons of US soybeans to China and 239,492 metric tons to Mexico for shipment in the 2024/25 marketing year, the US Department of Agriculture said.
