Strong export demand helped to lift wheat futures on Tuesday, while both corn and soybeans ended higher as well.
Reports today said Asian flour millers have increased their purchases of American wheat in recent weeks amid attractive prices and delays in sourcing Black Sea supplies. The USDA on Monday reported that export shipments on American wheat for week ended Sept. 11 amounted to just over 775,000 tonnes, more than 80% above the previous week and above trade expectations. A higher Russia wheat export duty also supported, as did a weaker American dollar. December Chicago wheat gained 9 cents to $5.34, and December Kansas City added 9 ½ cents to $5.23 ½. December Hard Red Spring advanced 6 ¾ cents to $5.36 ¾, and December Minneapolis closed 4 ¾ cents higher at $5.76 ½.
Corn gained as Monday’s USDA crop progress report pegged the nationwide crop at 67% good to excellent, down a single point from a week earlier. Early harvest reports are also coming back with some looking at yields below last year. December corn was up 6 ¼ cents at $4.29 ½, and March gained 6 cents to $4.47.
Soybeans drew some support from bean oil, which gained on ideas of additional demand from biofuel production. Monday’s crop progress report also showed a small decline in the condition of the crop, down 1 point on the week to 67% good to excellent as of Sunday. November beans gained 7 cents to $10.49 ¾, and January was 7 ½ cents higher at $10.69 ¼.
