July 31: Soybean Prices Surge in Chicago

It was a big day in the soybean markets as prices surged at the Chicago Board of Trade. Here’s our daily recap of soybean prices and more from the Windy City.

Soybean Prices Pop in Chicago

The August soybean contract added 28.75 cents on the day to close just under $9.04 per bushel. The September contract added 28 cents to end the day a tick under $9.09.

Prices popped on reports that China and the United States are preparing to restart talks to “defuse” its ongoing trade spat. Markets largely ignored yesterday’s crop progress report that showed 70% of the U.S. soybean crop is rated G/E.

Corn Prices Whip Higher

In Chicago, September corn prices added 5 cents to end the day a tick above $3.70. The December contract added 5.25 cents to close at $3.865. Today, markets kept a close eye on the weather as extended forecasts suggest warmer-than-average temperatures across the Corn Belt as we move deeper into August.

Yesterday’s crop progress report indicated that 91% of U.S. corn is silked. That is 9 points ahead of the five-year average, as the table below indicates.

US Corn Silking Progress

Wheat Prices Find Solid Gains

It was another great day for wheat prices. The September HRW contract gained 7.25 cents to close just under $5.54. The December contract added 6.75 cents to close a tick above $5.73.

As Brennan discussed in this morning’s Breakfast Brief, ongoing dryness across Russia, Europe, and Australia continued to provide support to wheat prices across the sector.

In Kansas City, the September HRW price hit $5.665 after the contract gained 8.75 cents on the day. The December contract added 9.5 cents to close just above $5.84.

Traders were still flipping through yesterday’s crop progress report. The USDA said on Monday that 85% of the winter wheat harvest is now complete. That figure is a single point behind the five-year average.

As the table below notes, the harvest is complete in Texas, Kansas, Oklahoma, Missouri, and Illinois.

US Winter Wheat Harvest Progress

Finally, spring wheat prices pushed higher in Minneapolis. The September contract gained 5.25 cents to end the day just above $6.06 per bushel. The December contract added 7.25 cents to close the day under $6.23.

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About the Author
Garrett Baldwin

Garrett Baldwin is a content strategist and editor at FarmLead. He covers the global grain markets and public policy issues related to the agricultural industry. He is a graduate of the Medill School of Journalism at Northwestern University. He also holds a Master’s Degree in Economic Policy from The Johns Hopkins University, an MS in Agricultural Economics from Purdue University, and an MBA in Finance from Indiana University.

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