Corn

Corn prices today showed slight fluctuations, with a decrease of about 1-2 cents per bushel by midday. The December futures contract averaged $4.17 per bushel in October, approximately 49 cents lower than the peak in February. Key factors influencing this include variable export volumes, particularly sales to Mexico, and weaker overall demand compared to earlier in the year. This reflects pressure on farmers amid global demand instability due to high inventories in some major producing countries.

The December 2024 contract closed at 411.5 cents per bushel, down 2.25 cents, equivalent to a 0.54% decrease.

Wheat

Wheat prices saw slight increases across all three main exchanges today. Specifically, Chicago soft red winter wheat (SRW) prices rose 2.75 to 9 cents per bushel, while futures contracts in Kansas and Minneapolis posted smaller gains. These adjustments indicate market stability, primarily due to concerns about dry weather conditions in key production areas. Additionally, geopolitical factors potentially affecting European exports contributed to the modest rise in wheat prices.

The December wheat contract closed at 573.25 cents per bushel, up 2.75 cents, or a 0.48% increase.

Soybeans

Soybean futures today showed a slight recovery, increasing by 10-13 cents by midday after a period of declining prices. The November futures contract averaged around $10.05 per bushel, significantly lower than the February peak of $11.55 per bushel. The main reason for this is recent export volumes not meeting expectations, while the South American harvest has impacted global supply. However, steady demand from China and other Asian markets continues to support U.S. soybean prices. Experts are closely monitoring changes in Chinese demand, as this could greatly affect prices.

The January 2025 soybean contract closed at 991.25 cents per bushel, up 12.25 cents, or a 1.25% increase.

Source: Reference