Wheat Futures Surge Amid Global Supply Chain Disruptions
The US grain and oilseed markets experienced mixed results on Wednesday, with wheat futures showing significant gains. This uptrend is attributed to ongoing attacks by Russia and Ukraine on ports and vessels, which have disrupted global supply chains. Algeria purchased a substantial quantity of wheat in a tender, acquiring between 300,000 to 720,000 tonnes.
However, the US corn market saw a decline for the fifth time in six sessions, with September CORN prices falling near a three-week low. This downturn is partly due to expected dry conditions in Nebraska and the Dakotas over the next few days. Meanwhile, most of Iowa, Illinois, and Missouri are forecasted to receive rain through the weekend.
The US Department of Agriculture reported a private export sale of 120,000 tonnes of corn to Mexico, with deliveries scheduled for 2026-27 and 2027-28. In related news, ethanol production decreased by 26,000 barrels per day in the week ended July 31, while stocks dropped by 202,000 barrels at 24.524 million.
The soybean market also experienced a decline for the fifth time in six sessions due to expected weather conditions, which may put pressure on the oilseed. StoneX projected a US soybean yield of 53 bushels per acre and production of 4.47 billion bushels.