Grains-Chicago soybean and corn futures rise on hot weather concerns
DBA•Soybean and corn futures edge higher
Chicago soybean and corn futures edged higher on Wednesday, recouping some losses from the previous session, as market participants continue to monitor hot and dry weather conditions in U.S. crop fields.
The most-active soybean contract Sv1 on the Chicago Board of Trade (CBOT) was up 0.3% at $11.95-1/2 a bushel by 0339 GMT. Wheat Wv1 was flat at $6.44-3/4 a bushel and corn Cv1 gained 0.1% to $4.60-3/4 a bushel.
South America and Black Sea developments add to supply focus
In South America, Brazilian national crop agency Conab raised its estimate of the country's 2025/26 soybean crop to 180.57 million metric tons, from 180.25 million.
China's soybean imports rose to 13.55 million metric tons last month, a record high for June, up 10.5% from a year earlier and up 14.9% from May.
Traders continue to assess the impact of possible reductions to Russian wheat exports following Ukrainian drone attacks on ships in the Azov sea.
Shipping in the Sea of Azov, the route for a quarter of Russia's grain exports, remained restricted on Tuesday after the drone attacks, Reuters sources said. The channel lies at the mouth of the Don River, which flows through Russia's main southern grain-producing region, and handles mostly smaller, coastal ships.
Russia on Tuesday accused Ukraine of terrorism over its increasing attacks on shipping in the Sea of Azov. Ukrainian drones hit 11 Russian vessels in the channel overnight, Kyiv's drone forces commander said.
U.S. crop ratings improve slightly, but heat remains a concern
Condition ratings for U.S. corn and soybean crops improved slightly last week, the USDA said in a weekly report on Monday. The agency said 68% of the nation's corn crop was in good to excellent shape as of Sunday, up from 67% a week earlier. The soybean crop was rated 65% good to excellent, up from 64% a week earlier.
