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Corn and soybean futures edge higher on South American weather concerns

EditorLina Guerrero
Published 01/23/2024, 06:29 PM
Updated 01/23/2024, 06:29 PM
© Reuters.

CHICAGO - Grain markets in Chicago experienced a mixed day with corn futures marginally increasing and soybean contracts posting significant gains amidst concerns over South American weather conditions affecting crop yields.

Corn futures closed slightly up today, with a 0.17% rise to $4.46 per bushel. The trading volumes were reported as moderate, reflecting a steady interest in the market.

Soybean futures, on the other hand, saw a more substantial increase, ending the day with a 1.25% gain at $12.395 per bushel. This notable rise was influenced by the United States Department of Agriculture's (USDA) latest estimates for Brazil's soybean harvest, which seems to have impacted investor sentiment.

Wheat prices, in contrast, did not share the upward momentum, remaining unchanged at $5.96 per bushel. The stability in wheat prices suggests a balance in current supply and demand dynamics.

The market's attention has been particularly focused on weather patterns in key South American agricultural regions. Argentina is facing a concerning lack of rainfall which may pose a threat to crop development. Conversely, Northern Brazil is experiencing consistent showers that have delayed the soybean harvest.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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