assorted color beans in sack

Grain Contracts Rise Across the Board

Agricultural contracts on the CBOT commodities market closed higher on Monday (Jan. 30), with soybeans leading the way. Corn futures rose 0.75 cents to settle at $6.8375 per bushel, while wheat rose 2.5 cents to $7.525 per bushel, and soybean futures rose 25.75 cents to close at $15.3525 per bushel.

The rise in soybean prices was largely due to expectations of lower yields in Argentina, the largest grain exporter in South America, as dry weather conditions persist in the region. In addition, a recent report by AgRural showed that soybean prices were impacted by the harvesting of 5% of Brazil’s 152.9 million tonnes total soybean production.

On the other hand, wheat prices rose as cold weather in the plains area of the US impacted production, while the ongoing Russo-Ukrainian war and lower-than-expected production in Russia added to the concerns.

Lastly, the US Department of Agriculture’s recent data showing the export of 112,000 tonnes of corn to Japan during the 2022/2023 marketing year supported the rise in corn futures.

Overall, many positive factors contributed to the rise in grain contracts on Monday, showing a positive outlook for the agricultural market.

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