Chicago grains rise as traders await key USDA stocks report
DBA•Chicago soybean, wheat and corn futures rose 0.5%, 0.8% and 0.6%, respectively, as traders adjusted positions ahead of the USDA quarterly stocks report. Soybeans also drew support from expectations of a larger U.S.-China deal.
1. Grains advance
By 1130 GMT, the most-active Chicago soybean contract was up 0.5% at $13.04-1/4 a bushel, wheat gained 0.8% to $6.98-1/4, and corn rose 0.6% to $5.25. Traders were adjusting positions before the end of the month and quarter and ahead of the USDA's quarterly stocks report, due later in the day.
2. Market factors
Traders said soybeans were supported by expectations of a bigger U.S.-China soybean deal, although prices had fallen earlier after soybeans were excluded from a tariff-reduction list issued following last week's summit. Markets also monitored rain-related risks to harvest progress. The USDA said 18% of the corn crop and 17% of soybeans had been harvested, matching five-year averages.
3. Wheat outlook
Winter wheat planting for the crop to be harvested in 2027 was 27% complete as of Sunday, below the five-year average of 34%, USDA data showed. Wheat traders were focused on diplomatic efforts to ease disruptions to Black Sea exports. Ukraine's largest farming union said wheat exports may decline in October and November as corn shipments rise amid constrained logistics.
