Soybeans rise with flooding in the US upper Midwest

GLOBAL-GRAINS/ (UPDATE 2):GRAINS-Soybeans rise with flooding in the US upper Midwest

Reuters
First Published24 Jun 2024, 11:11 PM IST
Soybeans rise with flooding in the US upper Midwest
Soybeans rise with flooding in the US upper Midwest

By Renee Hickman

CHICAGO, - Chicago Board of Trade soybeans rose on Monday as flooding hit the upper Midwest after a weekend of thunderstorms.

Meanwhile, corn fell on acreage expectations ahead of a USDA report on Friday and wheat was down on U.S. harvest pressure, according to analysts. CBOT most-active soybeans were up 7-1/2 cents at $11.68-3/4 a bushel at 11:07 a.m. CDT . Storms marched through the Midwest over the weekend, with localized flooding in Minnesota, Iowa and Wisconsin threatening the soybean crop, said analysts.

"We've had a lot of water in the upper Midwest and soybeans really struggle underwater, more than the corn market, more than the wheat market," said Don Roose, founder of U.S. Commodities.

Corn was down 6 cents at $4.29 a bushel and wheat fell 12-3/4 cents to $5.48-3/4 a bushel.

Angie Setzer, partner at Consus Ag Consulting, said corn prices fell because analysts expect an updated acreage report to show an increase in corn acres compared with data in late March.

Analysts polled by Reuters forecast 90.353 million acres of corn have been planted with corn, up from 90.036 million forecast in March.

Setzer added that funds may be punishing farmers ahead of first notice day on Friday because of "the idea that the farmer has an extensive amount of unsold supply."

Wheat prices also faced pressure from the advancing U.S. harvest, said Roose. He estimated that winter wheat in the U.S. will be around 50% harvested by midweek.

Roose noted that Turkey, one of the world's largest wheat consumers, has continued to stall imports.

Market players also awaited crop progress numbers slated to be released by the U.S. Department of Agriculture later on Monday, for an update on the impact of last week's heat wave.

This article was generated from an automated news agency feed without modifications to text.

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First Published:24 Jun 2024, 11:11 PM IST
HomeNewsWorldSoybeans rise with flooding in the US upper Midwest

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