Boosted export activity sent corn and soybean prices up
Chicago soybean and corn prices rose again yesterday, Sep. 8, in a context of export activity supported by Chinese demand, the Agritel consultancy reports.
"Wheat, on the contrary, decreased, breaking the support level of 5.50 USD/bu on December contract. In addition, Argentina is receiving beneficial end-of-cycle rains, while Australia is expecting a very good harvest to come, nearly double that of last year," the report reads.
Yesterday's crop rating was roughly in line with traders' expectations, with corn rated as “good to excellent” at 61%, down 1 point from last week, and soybeans at 64% down 2 points.
As reported, the market may lose some ground today on profit-taking ahead of Friday's USDA report.
Previously reported that soybean in Ukraine yields 1.66 t/ha on average since the start of the campaign. 9 regions of the country have started harvesting.