Grain prices continue to rise: wheat, corn, and soybeans show steady growth on the global markets.

Midweek, September 4, 2024, the wheat market continued to show growth. Over the past trading day, December soft red winter wheat prices on the Chicago Board of Trade (CBOT) reached $213.39 per ton. December hard red winter wheat futures in Kansas City rose to $217.89 per ton, while December hard red spring wheat futures in Minneapolis hit $229.09 per ton.

December wheat futures prices in Chicago rose by 14 cents. Kansas City futures increased by 16-3/4 cents, and spring wheat in Minneapolis grew by 16-1/4 cents. Over the past week, the global wheat market has added about 10%.

Wheat, corn, and soybean futures also rose on Wednesday due to strong domestic demand and a sharp decline in the U.S. dollar. One of the reasons was dry weather conditions in the Black Sea region, especially in Russia and Ukraine, which began to hinder the planting of winter grains and threaten the 2025 crop.

In the U.S., winter wheat planting has begun. According to the Department of Agriculture, as of September 1, winter wheat was planted on 2% of the area compared to 1% last year. As for spring wheat, it has been harvested from 70% of the area, slightly above last year's figures (68%) and the five-year average (70%).

In July, wheat exports amounted to 1.959 million tons according to official data.

On Wednesday, Taiwan purchased approximately 101,700 tons of American wheat, while Japan plans to offer for sale 87,660 tons of wheat from the U.S. and Canada, including 63,730 tons of American wheat.

Grain traders are concerned about the low water levels in the Mississippi River, which have decreased due to dry weather. This has led to restrictions on cargo sizes. The American Commercial Barge Line reported delivery delays of 1-2 days for shipments along this river. Such supply delays have a negative impact on U.S. grain exports, as most grains sent abroad are transported by river before reaching the port of New Orleans. Agriculture analysts warn of possible further water level reductions, which could create even more transportation constraints for grain shipments along the river.

December corn futures closed Wednesday with a 3-1/2 cent increase.

Export data for July showed that the volume of grain exports totaled 5.26 million tons, 4.3% lower than in June but twice as much as in July of the previous year.

According to weekly crop condition reports, corn planting ratings remain at 65% good/excellent.

Soybean futures ended Wednesday with a 9-1/2 cent increase in November contracts.

Census data showed that soybean exports in July amounted to 1.495 million tons, 11.62% higher than in June and 17.04% higher than in July of the previous year.

NASS data on soybean planting conditions showed a 2% decrease in the good/excellent rating to 65%.

It is forecasted that soybean plantings in Brazil this year will increase by 0.9%, reaching 114.66 million acres. Soybean production is expected to reach 168 million tons.

On the Chicago Board of Trade (CBOT) on Wednesday, prices for wheat for November and December next year looked as follows:

• Wheat (December 2024) - $213.39 per ton - a 2.47% increase;
• Corn (December 2024) - $162.50 per ton - a 0.86% increase;
• Soybeans (November 2024) - $375.33 per ton - a 0.94% increase;
• Rice (November 2023) - $745.96 per ton - a 1.94% increase;
• Rapeseed (ICE, November 2024) - 579.70 cad/ton - a 1.90% decrease.

There was an increase in wheat prices on the French market. December milling wheat prices on the Euronext wheat market reached €220.50 per ton (or $243.50 in dollar equivalent). November corn futures prices rose to €203.75 per ton (or $225.00 in dollar equivalent).

On the Paris market (MATIF), November and December contracts closed at the following values:

• Millers wheat (December 2024) - €243.50 per ton - a 0.32% increase;
• Corn (November 2024) - €225.00 per ton - a 0.49% increase;
• Sunflower (on SAFEX, Sep. 2024) - 8940.00 zar/ton - a 0.06% decrease;

Exchange rate on 04.09.2024 were as follows:

• 1 US Dollar = 88.6118 Russian Rubles;
• 1 Euro = 97.8121 Russian Rubles;
• 1 Canadian Dollar = 65.6822 Russian Rubles;
• 10 South African Rand = 49.5511 Russian Rubles.