Soybeans Climb Amid Harvest Yield Worries, Wheat Prices Ticked Lower

The price of soybeans on the Chicago Board of Trade rose slightly on Tuesday, August 18, due to concerns about US Midwest harvest yields and firm crude oil prices. Analysts point to weather reports and crop data as factors behind the increase.

Firm Chinese demand for US soybeans also contributed to the higher prices. However, wheat futures ticked lower after rallying on Monday, with market players downplaying the impact of war disruptions in the Black Sea region.

Randy Place, an analyst at Hightower Report, said that while tensions in the Black Sea have curtailed shipments, 'the supply isn't disappearing, it's piling up at ports.' This suggests that once the situation calms down, there will be a sufficient supply of wheat to meet global demand.