Wheat and Corn Prices Rise in Chicago as Soybeans Fall
Grains markets in Chicago saw significant movements on Thursday, October 1. Wheat and corn futures rose, while soybean prices fell. December wheat futures gained 1.04% to $250.86 per ton, with corn rising by 0.30% to $197.74 per ton. However, November soybeans declined by 0.70% to $471.78 per bushel.
The increase in wheat prices was attributed to robust US export sales. In the week ending September 24, the US sold a total of 289.3 thousand tons of wheat, with significant shipments to Mexico and the Philippines. Taiwan also issued a tender for 105.8 thousand tons of US wheat, while South Korea purchased an additional 100 thousand tons.
Corn prices were further supported by StoneX reducing its US corn yield estimate by 0.8 bushels per acre, resulting in a decrease of production forecast by 92 million bushels to 16.115 billion bushels. Soybean futures, on the other hand, dropped despite strong export sales, with the US selling 1.034 million tons of new-crop soybeans, including significant shipments to China and Egypt.