CBOT Prices Rise on Weaker US Crop Conditions
Global agricultural commodity prices rose on Monday, August 3, driven by weaker U.S. crop conditions and lower EU production forecasts.
The Chicago Board of Trade (CBOT) saw September SRW wheat futures reach $239.20/ton (+1.84%), while September corn climbed to $176.87/ton (+1.93%). November soybean futures also increased, reaching $438.07/ton (+0.40%).
The U.S. Department of Agriculture reported that 86% of the winter wheat crop had been harvested as of August 2, matching the five-year average. However, the share of the spring wheat crop rated in good-to-excellent condition improved to 55%.
Corn futures also posted solid gains despite a decline in the share of the crop rated good-to-excellent, which fell by two percentage points to 61%. Export demand for corn remained strong, with weekly U.S. shipments reaching 1.89 million tons and cumulative exports exceeding 77 million tons, up 25% year-on-year.