Black Sea Exports, Weather Concerns Fuel Wheat Price Rise

Wheat prices have risen due to slow exports from the Black Sea region and concerns about weather conditions. The US Department of Agriculture (USDA) reports that 58% of U.S. soybeans are in good to excellent condition, unchanged from last week, while 26% of the crop is dropping leaves.

Soybean prices have also increased on short covering and technical buying, with traders anticipating a yield decline in Friday's USDA supply, demand, and production update. China imported 12.14 million tons of soybeans during August, 1% less than last year.

Corn prices have dropped due to profit taking and technical selling, as traders expect a month-to-month decline in the yield guess on Friday. The US corn crop is at 56% good to excellent condition, down 1%, with 5% harvested compared to the five-year average of 3%. Winter wheat planting gets underway amidst drought concerns.