Grain futures at the Chicago Board of Trade closed higher across the board on Thursday, September 10, with the November soybean contract jumping 22.75 cents, or 1.74%, to settle at $13.3225 a bushel, touching a three-year high and a contract-life record, driven by China's steady purchases of U.S. soybeans. Four traders said China bought about 1 million tonnes of U.S. soybeans this week, nearly half of the 25 million tonnes the White House said China has committed to buying from the United States annually through 2028, ahead of Chinese President Xi Jinping's visit to Washington later this month. The December corn contract rose 6.00 cents, or 1.14%, to settle at $5.3375 a bushel, and the December wheat contract gained 12.50 cents, or 1.72%, to settle at $7.4125 a bushel. Crude oil's 4% surge, with Brent crude touching $105 a barrel after the largest jump in tanker attacks since the Iran war began, was another factor supporting soybean prices, as soybeans are a feedstock for biofuel. The market is closely watching the U.S. Department of Agriculture's supply and demand report due Friday, with analysts expecting the USDA to cut its U.S. corn production forecast. Wheat prices drew support from retaliatory strikes between Ukraine and Russia that have disrupted grain exports in the region, including an attack on the Ukrainian city of Dnipro that damaged a Bunge plant.
Bunge Global SARussian attack on Dnipro damaged a Bunge plant, disrupting its operations.
