Grain prices surged Wednesday with global trade chatter back in focus. Soybean prices rallied more than 2% and recouped losses from yesterday’s trading session. Wheat prices also rallied on the back of increased demand and concerns about dwindling supply.
Here’s a full recap of trading from the Chicago Board of Trade.
Wheat Prices Rally
December SRW contracts added 12.5 cents in Chicago to close the day at $5.23 per bushel. The March 2019 contract added 11.5 cents and ended at $5.405.
In Kansas City, the HRW contract added 10.25 cents to close trading a tick above $5.26. The March 2019 contract added 11.5 cents and closed trading just above $5.49.
In Minneapolis, December spring wheat prices gained 6.25 cents. The contract ended the day at $5.865. The March 2019 contract added 6.25 to end the day at $6.01.
Today, StatsCan reported that wheat yields of all types in the Great White North to 46.9 bushels per acre. This is up from the 43.9 reported a few weeks ago in their first estimates of Canadian wheat production. Spring wheat hit 49.5 bushels per acre.
Soybeans Rally on Technical Bump
November soybean prices added 16.5 cents to end the day at $8.305. The January contract gained 16.25 cents to end a tick above $8.44. Contracts bounced off multiyear lows thanks to technical buying.
Today, StatsCan said in its annual satellite data report that soybean yields in Canada will hit 44.1 bushels per acre. This is up from the 39.3 reported a few weeks ago in their first estimates of Canadian soybean production.
We provided our GrainCents soybean readers with a full recap of the StatsCan numbers, right here.
Canola prices ticked slightly higher. However, a massive U.S. crop and an ongoing glut of soybean oil continue to weigh on prices. The November contract added CAD $0.60 to close at CAD $487.00. The January 2019 contract closed the day up $0.10 at CAD $492.70 per tonne.
Today, Statistics Canada pegged canola yields at 41.1 bushels per acre. That figure is well ahead of the 37.5 bushels per acre reported just a few weeks ago.
For a full recap of the StatsCan canola satellite numbers, sign up for a free trial of GrainCents.
Corn Prices Tick Higher
December corn contracts added 2 cents to end just above $8.45. March 2019 added 2 cents to end the day at $3.575. Corn contracts received a little bit of a boost thanks to upticks in both wheat and soybean prices.
Today, the Energy Information Administration (EIA) said that U.S. ethanol plants produced 1.051 million barrels of the biofuel per day for the week ending September 14.
Ahead of tomorrow’s exports report, the USDA announced that South Korean buyers picked up another 123,000 MT of optional origin corn. That followed a buy of 134,000 MT on Tuesday.
On the global front, Coceral cut its EU corn output figure by 2.3% from its June figure. The grain lobby projects that total production will come in at 2.319 billion bushels. We can blame hot, parched conditions across the region for the downturn.
The StatsCan satellite data showed that Canadian corn yields are set to come in at 160.1 bushels per acre. That figure was up from the 152.6 bpa reported just a few weeks ago.
GrainCents readers can access a full recap of the numbers, right here.
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