Soybean prices pushed higher at the Chicago Board of Trade on Tuesday. Traders reacted positively to Monday’s Crop Quality and Progress report.
Corn prices and wheat prices also found gains as concerns about quality and production hit the sector.
Here’s what else you need to know about today’s trading session.
Soybean Prices Find Gains
September soybean prices added 11 cents to finish the day just above $8.68. The November contract gained 11 cents to close just under $8.80 per bushel.
The USDA reported Monday that 66% of soybeans are rated G/E.
Argentina could reverse course on its plans to drop export tariffs on soybeans and other soy products. The nation temporarily suspended the tracking of exports for soy meal and soy oil.
Corn Prices Pop
September corn prices added 5.75 cents to end the trading session a tick above $3.62. The December contract added 6 cents to close at $3.765.
Markets were closely eyeing Monday’s crop progress report.
The USDA reported that 26% of the U.S. corn crop is dented, as Brennan noted in the Breakfast Brief this morning. That figure is well above the 5-year average of 13%.
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Wheat Prices Rebound
September SRW contracts added 8.25 cents to close the day just under $5.42. The December contract added 7.75 cents to close just above $5.61 per bushel.
September HRW contracts gained 5 cents to close just under $5.46 per bushel. The December contract gained 5.5 cents to close at $5.725.
In Minneapolis, the September spring wheat price added 3.5 cents to close just above $5.96 per bushel. The December contract added 3 cents to close just above $6.13 per bushel.
The USDA said that 35% of the winter wheat crop has been harvested. That figure was 8 points higher than the 5-year average of 27% complete. The agency also said that spring wheat rated G/E came in at 65%.
Today’s big news was that Egypt’s GASC issued a tender for wheat. GASC purchased 420,000 MT of wheat – primarily from Russia. GASC took advantage of sliding prices and paid roughly 2% less than what it paid two weeks ago.
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