US Grain Prices Rise as Traders Await USDA Stocks Report
Grain prices in Chicago rose on Wednesday as traders adjusted their positions ahead of the US Department of Agriculture's (USDA) quarterly stocks report. The most-active soybean contract on the CBOT was up 0.5% at $13.04-1/4 a bushel, while wheat gained 0.8% to $6.98-1/4 a bushel and corn rose 0.6% to $5.25 a bushel.
The soybean market was supported by expectations of a bigger US-China soybean deal, according to traders. However, prices had fallen earlier in the day due to continued pressure after soybeans were left out of a tariff-reduction list issued following last week's summit between leaders of both countries.
Markets are also monitoring the US harvest, with forecasters warning that continued rain could slow fieldwork. As of Monday, US farmers had harvested 18% of the corn crop and 17% of soybeans, matching their average pace over the past five years, according to USDA data.