Global Grain Market Sees Mixed Results and Pressures from Large Stocks
US wheat futures saw mixed results on Tuesday, September 29, as December SRW wheat in Chicago rose by 0.58% to $254.54/t, while HRW wheat in Kansas City declined to $273/t and spring wheat in Minneapolis fell to $256.93/t.
The market for corn was under pressure due to expectations of larger US stocks, with analysts forecasting September 1 inventories at 1.911 bln bushels, compared to 1.551 bln bushels a year earlier, causing the December contract to drop by 0.19% to $205.51/t.
Soybeans moved higher on Tuesday, with November futures gaining 0.74% to $476.83/t, as the US soybean harvest was reported to be 17% complete as of September 27, in line with the average pace.
The global market is awaiting quarterly NASS data on US grain stocks, which analysts expect will show wheat stocks at 1.857 bln bushels as of September 1, down 277 mln bushels year-on-year, and soybean stocks estimated at 321 mln bushels versus 325 mln bushels a year earlier.