Chicago Close: Corn, Beans Up; Wheat Lower 

Corn and soybean futures managed moderate gains to begin the week while wheat lost ground. 

After trading up to near a three-month high to end last week on the heels of a bullish USDA small grains summary, wheat futures were reportedly pressured today by profit taking. The small grains summary pegged total US wheat output for this year at below expectations. As the world faces recession fears, demand for goods and commodities also becomes a concern, said today’s CME commentary. December Chicago wheat fell 9 ½ cents to $9.12, December Kansas City lost 2 ¾ cents to $9.88 ¾, and December Minneapolis dropped 2 cents to $9.80. 

Soybean futures closed higher after Friday’s USDA grain stocks report – showing heavier 2021-22 US soy ending stocks than expected- caused a severe sell-off last week. A soybean sale to unknown destinations was supportive today, as well as higher crude oil, the CME commentary said. November beans gained 9 ¼ cents to $13.74 and January was up 8 ½ cents to $13.84. 

Corn traded to both sides of unchanged before settling higher. December was up 3 ¼ cents at $6.80 ¾, and March added 3 ½ cents to $6.87 ½. 

Source: DePutter Publishing Ltd.

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