On Monday, U.S. soybean prices ticked higher after a relatively quiet day on the grains markets. Dry conditions across the Midwest had analysts expecting crop quality conditions to decline. Meanwhile, ongoing weather events in Europe had traders optimistic on the wheat front.
Here’s what you need to know about grain prices at the Chicago Board of Trade.
Corn Prices Find Gains
This afternoon, September futures added 5.25 cents to close at $3.6725. The December contracts gained 5 cents to $3.8125. Today, the USDA said that corn inspections hit 65.3 million bushels for the week. That was a 25% jump week-over-week.
This afternoon, the USDA released its weekly crop progress report. Analysts expected that the agency would put G/E-rated corn at 71%. Here’s what the agency reported this afternoon.
The agency said that 72% of the U.S. crop is rated G/E. That figure is three points higher than the five-year average.
Soybeans Push Higher
August soybean prices gained 4.5 cents on the day. That increase helped fuel the ongoing momentum for the month of July in the complex. Prices have been under extreme pressure due to the ongoing trade spat between the United States and China.
This morning, the USDA announced that export inspections came in at 27.2 million bushels last week. That topped the previous week’s figure of 26.8 million. At a time that Mexico has been sourcing more and more grain from South America, Japan stepped up as the top market for the week.
This afternoon, the USDA reported that 70% of the U.S. soybean crop was rated G/E. That figure is five points above the five-year average.
Wheat Prices Whip Higher
It was another good day for wheat prices.
For September, Chicago SRW contracts faded 16 cents to hit $5.465.
In Kansas City, September HRW contracts gained 14 cents to close at $5.465.
Finally, September MGEX spring wheat futures gained 8.5 cents to surpass that $6 per bushel figure we’ve been seeking.
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