U.S. agricultural futures rise

On Wednesday, agricultural futures at the Chicago Board of Trade (CBOT) increased, with wheat leading the way.

The December delivery corn contract gained 7.5 cents, or 1.6 percent, to close at 4.76 U.S. dollars per bushel. Meanwhile, December wheat surged by 22 cents, or 3.86 percent, settling at 5.9225 dollars per bushel. Additionally, January soybean rose by 3.75 cents, or 0.28 percent, reaching 13.6575 dollars per bushel.

Wheat prices spiked due to rumors of a private cargo ship being struck by Russia in Odessa Oblast Port. The U.S. Department of Agriculture (USDA) will be releasing the November Crop Report on Thursday.

In the coming weeks, Brazilian weather conditions will be concerning if no changes occur. South American weather is believed to impact CBOT prices, according to Chicago-based research company AgResource.

The USDA confirmed the sale of 565,000 metric tons of U.S. soybeans to China and unknown destinations for the 2023-2024 crop year. Additionally, Mexico bought 270,000 metric tons of corn for delivery in 2023-2024.

The Rosario Commodity Exchange lowered its estimate for the Argentine wheat crop to 13.5 million metric tons, just 2 million metric tons higher than last year’s crop of 11.5 million metric tons. The exchange also reported that Argentine corn seeding is at 27 percent, and soybean seeding is at 11 percent, both lagging behind historical averages as farmers wait for more rain.

Northern and Central Brazil are experiencing dry conditions with little to no rain expected until Nov. 20. This absence of rain is causing concerns among farmers, as seed germination is suffering.