Chicago Close: Corn and Soybeans Rally. Wheat Remains Weak.

Corn and soybean futures started the week on a positive note, amid ongoing uncertainty in South America. In contrast, wheat futures extended last week’s drop.

Brazil received just-in-time rain across the northern growing regions last week. However, overall amounts are unlikely to alleviate the entirety of the low soil moisture problem. Hot and dry patterns are forecast to return and extend into December. Meanwhile, crude oil futures gained around 2% on Monday, adding support for oilseed futures. January beans jumped 27 cents to $13.67 1/4, and new-crop November was up 21 1/2 to $13.04 3/4.

Corn also got a lift from lingering weather-related uncertainty in South America. Uncertainty around corn export policies in Argentina was supportive too. Argentine voters elected a new President over the weekend who has promised sweeping reforms to current socio-economic conditions. December corn gained 2 1/2 cents at $4.69 1/2 and new-crop December 2024 was up 1 to $5.12 1/2

Wheat was a laggard, due to a lack of fresh news and improving global supply prospects. Better yields are expected in Australia following recent rainfall and EU crops are also showing improvement. December Chicago lost 7 1/4 cents at $5.43 1/2, December Kansas City was down 7 1/2 cents at $6.10 1/2, and December Minneapolis was 8 1/4 cents lower at $7.07 1/4.

Source: DePutter Publishing Ltd.

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