Black Sea Disruptions Fuel Wheat Gains, Corn Rises on ProFarmer Data

Disruptions to Black Sea supplies have kept wheat futures in the green, with September Chicago SRW wheat increasing by 0.37% to $250.86 per ton on Thursday, August 20. The tight global balance provided additional support, as the IGC cut its global wheat production forecast by 4 million tons to 817 million tons and stocks by the same amount to 275 million tons.

Corn also gained ground, with a 1.22% rise to $188.48 per ton, thanks in part to results from the U.S. ProFarmer Crop Tour. The average yield in Illinois was estimated at 184.19 bushels per acre, down 7.7% from last year and 7.5% below the three-year average.

The soybean market was more mixed, with November futures edging 0.06% lower to $454.33 per ton. However, strong Chinese demand for new-crop U.S. soybeans remains a key driver, with weekly sales reaching 1.723 million tons and China purchasing 1.131 million tons.