Rising Russian export prices helped to lift wheat futures on Tuesday, with corn and soybeans posting modest gains.
The Russian wheat export FOB was said to be offered at $223/ton for Oct and Nov yesterday, a bit firmer, with the trade saying the southern stocks are starting to dry up, Charlie Sernatinger of Marex said in a note today. Wheat was further boosted by geopolitical uncertainty amid increasing potential for an all-out conflict between Israel and Iran. December Chicago gained 15 cents to $5.99, December Kansas City was 14 ½ cents higher at $5.98 ¼, and December Minneapolis added 13 cents to $6.34 ¾.
Corn moved higher on follow-through buying from yesterday’s USDA grain stocks report, which showed Sept. 1 stockpiles up from a year ago but below trade expectations. The increasingly fraught situation in the Middle East added support as well. December closed 4 1/4 cents higher at $4.29 and March was up 5 ¼ cents to $4.46 ½.
Soybeans were slightly higher on geopolitical uncertainty. Soybeans saw some pressure from the strike at US east and gulf coast ports which began at midnight. The strike is expected to impact container shipments, but most soybeans still move in bulk, limiting the downside. November and January beans each added a ¼ cent to end at $10.57 ¼, and $10.75 ½.
