Soybeans have their biggest weekly gain in 22 years in Chicago trading as forecasts of hot, dry weather in the US Midwest heightened supply concerns, while strong demand for soybean meal added support to the market.
Corn posted its biggest weekly gain in nearly five months, while wheat ended the week higher after two weeks of decline.
The contract on the Chicago Stock Exchange rose $27.75 cents to $16.37 a bushel after rising 11.99%, soybeans have their biggest weekly gain since July 23, 1999.
The corn CBOT's most active trade advanced 1 cent to $6.20 a bushel. During the session, the contract touched $6.3650 a bushel, a peak since July 11.
For the week, the cereal gained 10.28%, its biggest weekly gain since March 4, 2022.
Red soft winter wheat quoted in Chicago fell $9.25 cents to $8.0775 a bushel.
However, the most active cereal contract gained 6.42% on the week, its first weekly bullish move since the week ended July 8, and the biggest weekly gain since April 8.
Despite recent rains and below-normal temperatures in parts of the U.S. Midwest, forecasts point to hot, dry weather in early August, raising concerns for soybean crops during crucial pod development, as well as for the corn planted late and still pollinating.
The wheat market slumped as movement progressed in Ukraine's grain exports across the Black Sea. Shipments are expected to start within days.
Ukraine is ready to start shipping grain from two Black Sea ports under an agreement brokered by the ONU, but no date has been set for the first shipment, said Ukrainian Infrastructure Minister Oleksandr Kubrakov.
Sources: investing.com
