In a notable surge, CBOT wheat futures reached a two-week high on Monday, buoyed by mounting expectations of global demand. The most active CBOT wheat contract managed to recover from a three-year low witnessed last month, settling at $5.79-3/4 per bushel. However, the ongoing Israel-Hamas conflict introduced a note of caution amidst these gains.
Despite facing stiff competition from Black Sea origins, wheat prices continued their upward trajectory, as indicated by insights from Russia’s IKAR agriculture consultancy. In contrast, CBOT corn experienced a dip of 3-1/4 cents, settling at $4.90 per bushel.
On a different note, soybeans made a noteworthy ascent of 5-3/4 cents to $12.86 per bushel, primarily driven by the surging soyoil futures. The U.S. Department of Agriculture contributed to the positive sentiment by reporting soybean export inspections exceeding expectations, with figures reaching 2 million metric tons for the week concluding on Sunday.
Adding to the optimism, the National Oilseed Processors Association (NOPA) disclosed a record-breaking U.S. soybean crush for the month of September and the lowest soyoil stocks observed in nearly nine years. This development marks a pivotal shift in the commodities market landscape, carrying significant implications for future trade dynamics.
