CBOT: Soybeans close higher on lower-than-expected US crush; wheat jumps on renewed Black Sea concerns
CommodityGeopolitics
CBOT commodity contracts rose on Tuesday, September 15. The November soybean contract gained 14.50 cents, or 1.11%, to close at $13.1875 per bushel, after the National Oilseed Processors Association, or NOPA, said its members crushed 205.456 million bushels of soybeans in August, the lowest level in 11 months, pushing soybean oil stocks down to their lowest since November 2024. The December wheat contract rose 6.50 cents, or 0.90%, to close at $7.2850 per bushel, amid a fresh wave of concern over attacks on infrastructure in the Black Sea region, as hopes for a de-escalation of the conflict began to fade. The December corn contract gained 2.50 cents, or 0.47%, to close at $5.3575 per bushel, tracking a surge in crude oil prices that helped stoke demand for crops used to produce biofuels. On South American production, Conab, Brazil's national crop agency, forecast Brazil's 2026/27 soybean crop at 181.64 million tonnes, up 0.7% from the previous year, but still below the US Department of Agriculture's estimate of 186 million tonnes.
