US Agricultural Markets End August 27 Mixed Amid Geopolitical Tensions
US agricultural markets saw mixed results on August 27 as wheat and soybean prices rose in Chicago, while corn futures declined. Wheat posted significant gains due to geopolitical tensions and disruptions to grain exports from the Black Sea region.
The December SRW wheat futures climbed to $279.52/t, marking a three-year high for winter wheat prices. US export sales of new-crop wheat also contributed to the increase, with 402.5 thsd tons sold for the week, including significant purchases by Mexico, Japan, and Vietnam.
Corn prices, however, declined following gains earlier in the week. The December Chicago futures fell 3 cents to $5.33½/bu, or around $210/t. US new-crop corn export sales totaled 1.066 mln tons for the week, a decrease of 33.6% from the same period last season.
Soybeans ended the session higher, with November futures gaining 2 cents to $12.68/bu, or around $466/t. US new-crop soybean export sales reached 2.478 mln tons for the week, including significant purchases by China and unknown destinations.