Grain Markets Mixed as Wheat and Corn Rise, Soybeans Fall

The global grain and oilseed markets showed mixed dynamics on August 24. Wheat and corn prices rose, while soybeans declined. The Chicago Board of Trade (CBOT) saw September SRW wheat close at $250.5/t, with corn gaining 1.6% to $193.5/t.

Corn posted the most notable gains due to a deterioration in the US crop outlook. The share of corn rated good to excellent fell by 3 percentage points over the week to 47%. Pro Farmer estimates the US corn yield at 173.2 bu/acre, compared with USDA's forecast of 180.7 bu/acre, with production projected at 15.344 bln bushels.

The European markets also strengthened. On the Marché à Terme International de France (MATIF), September wheat rose 1.78% to €227.5/t, while November corn gained 0.76% to €263/t. Corn prices are being supported by weaker EU crop prospects: MARS estimates the average yield at 6.61 t/ha, 7% below the five-year average, while only 29% of the French crop is rated good to excellent.