The future is rising again in America

Grains and soybeans were higher in overnight trade after a Ukrainian official said there were no trades planned before the expiration date of the Black Sea Grain Initiative, which allows agricultural goods to flow out of the war-torn country. The contract, originally implemented in early August and renewed in November, expires on Thursday.

Negotiators from Ukraine, Russia, Turkey and the United Nations met last week to discuss extending the deal again, but no agreement was reached. Wheat prices rose after the U.S. Department of Agriculture forecast last week that wheat production for the 2023-2024 marketing year, which begins June 1, would be 1.659 billion bushels, which, if realized, would be a slight increase from the previous year’s 1.65 billion bushels.

Analysts polled by Reuters had expected a USDA production of 1.789 billion bushels. However, curbing corn and soybean prices is a forecast for commodities that beat analysts’ expectations.

Year-end corn stocks were estimated by the USDA on August 31 at 1.417 billion bushels, up from 1.342 billion stored at the end of the previous year and above analysts’ forecasts of 1.36 billion. Shrubs. Soybean inventories rose to 215 million bushels from 210 million a year earlier and ahead of the consensus of 212 million bushels.

Soybean futures for July delivery rose 11 1/4¢ to $14.01 ¼ a bushel. Soybean meal rose $6.30 to $439.20 a ton, while soybean oil fell 1¢ to 49.42¢ a pound.