Chicago Wheat and Soybean Futures Rise as Corn Prices Fall

The Chicago futures market saw price increases for wheat and soybeans on September 8, while corn prices declined. December wheat rose by 1.77% to $274.47 per ton, with November soybeans gaining 0.5% to $483.63 per ton.

Corn, however, fell 0.61% to $210.04 per ton, pressured by expectations of a large US crop. StoneX raised its forecast for US corn production to 16.207 billion bushels from 16.160 billion previously.

The outlook for Black Sea supplies remains uncertain due to the ongoing war between Ukraine and Russia. The lack of progress in negotiations has kept wheat prices supported, with a sharp rise in crude oil prices also contributing to the increase.