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U.S. corn and soybean futures rose Wednesday, supported by extreme warmth and dryness that compound indicators of stress present in preliminary outcomes from the broadly adopted Professional Farmer Midwest Crop Tour.
Wheat additionally gained following newest Russian assault on a Ukrainian grain port in addition to the U.S. drought stress.
CBOT corn (C_1:COM) for December supply settled +2.3% to $4.90 1/2 per bushel, December wheat (W_1:COM) completed +2% to $6.39 3/4 per bushel, and November soybeans (S_1:COM) closed +1.1% to $13.60 1/2 per bushel.
ETFs: (NYSEARCA:CORN), (WEAT), (NYSEARCA:SOYB), (DBA), (MOO)
Chicago grain futures gained momentum at noon as grain merchants reportedly noticed Professional Farmer photographs of corn ears and soybean pods with various levels of harm.
“They’re seeing an elevated frequency of downside fields with decrease yield potential to the purpose that one could make a case for USDA’s corn and soybean yields to slide decrease,” StoneX analyst Arlan Suderman stated.
In the meantime, Russian drones struck Ukrainian grain infrastructure close to the Danube River, the most recent assault on the very important waterway for getting Ukraine’s exports out to markets now that Black Sea ports are shut.
