US Soybean Futures Rise Amid Yields Concerns, Wheat Prices Steady

Soybean futures on the Chicago Board of Trade rose for the third consecutive session due to concerns over this year's harvest yields in the US Midwest. Weather reports and crop data have sparked worries about prospects for a good yield, analysts said.

Firm crude oil prices and increasing demand from China for US soybeans also supported the price increase. Wheat futures were largely flat as the market held onto recent gains linked to war disruptions to Black Sea supplies, but failed to sustain the previous day's rally.

Randy Place, analyst at Hightower Report, said part of the reason wheat prices aren't rising is because supply in the Black Sea isn't disappearing, it's piling up at ports. Once the situation calms down, there's plenty of supply that can move out to world importers.