Wheat, corn, soybean prices all rise - CBOT

Wheat up 2-9 cents, soybeans up 5-10 cents, corn up 3-5 cents
calendar icon 21 March 2023
clock icon 2 minute read

Wheat, corn and soybeans all traded higher at the Chicago Board of Trade (CBOT) on Tuesday, according to Reuters. 

Wheat was up 2 to 9 cents per bushel. Wheat led higher by KC hard red winter wheat contracts on concern about forecasts for dry weather that could cause further damage to the crop in the US Plains.

Jordan's state grain buyer is believed to have made no purchase in an international tender to buy 120,000 tonnes of milling wheat.

CBOT May soft red winter wheat ended the overnight trading session up 2 cents at $7.02-3/4 per bushel. KC May hard red winter wheat was last 9 cents higher at $8.38-3/4 a bushel and May spring wheat was up 8-1/4 cents at $8.59-3/4 a bushel.

Corn prices were up 3 to 5 cents per bushel. Corn firmed on strong export demand for US supplies. Concerns about delays to corn seeding in the US Midwest help to support corn.

Private exporters reported the sale of 136,000 tonnes of corn to China for delivery in the 2022/23 marketing year, the US Department of Agriculture said.

Benchmark CBOT May corn futures contract rose above its 20-day moving average for the first time since Feb. 22 during overnight trading. CBOT May corn last traded up 4-1/4 cents at $6.37-1/4 a bushel.

Soybean prices were up 5 to 10 cents per bushel. Speculative buying by commodity investment funds supports soybeans after most-active contract hit a three-month low on Monday. Strength in crude oil also supportive.

Traders are watching to see if benchmark CBOT May soybean futures can break through resistance at their 10-day moving average. The contract rose above its 100-day moving average overnight. CBOT May soybeans were last 9-3/4 cents higher at $14.95-3/4 per bushel.

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