Rising prices for corn and soybeans at CBOT: impact on the agricultural industry

Corn futures on the CBOT are recovering after a decline and have risen to $4.64 1/2 per bushel. The United States Department of Agriculture predicts a record corn harvest, but drought in Brazil could damage crops. Wheat prices are decreasing, while soybean prices are rising.

14 November 2023

CBOT corn futures continued to rise in price on Monday, recovering from falling to three-year lows last week. Stocks fell as the US Department of Agriculture forecasts that this year's corn harvest will reach a record level.

However, the most actively traded CBOT corn futures were up 0.1% at $4.64 1/2 a bushel as of 1156 GMT. On Friday, corn prices were at their lowest level since December 2020. At the same time, the price of wheat fell 0.7% to $5.70 3/4 a bushel and the price of soybeans rose 0.5% to $13.54 3/4 a bushel.

Corn prices fell sharply last week after the US Department of Agriculture released a forecast calling for a record corn harvest next year. Brazil is also expected to have a record soybean harvest. However, there are concerns that the drought could delay Brazil's soybean plantings and damage corn crops.

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Rising prices for corn and soybeans at CBOT: impact on the agricultural industry

Corn futures on the CBOT are recovering after a decline and have risen to $4.64 1/2 per bushel. The United States Department of Agriculture predicts a record corn harvest, but drought in Brazil could damage crops. Wheat prices are decreasing, while soybean prices are rising.

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