Chicago Board of Trade wheat futures rose further on Wednesday, setting a new 3-1/2-month high, as concern grew about drought in Russia while a drone attack on a Ukrainian river port kept attention on war risks.
Corn futures set new 3-month highs on support from wheat, and as oil prices jumped on Tuesday, after the Israeli military said on Tuesday that missiles had been launched from Iran at Israel and NATO's new chief Mark Rutte voiced strong support for Ukraine.
U.S. soybean futures hit their highest in two months on Friday as soymeal futures surged by five per cent on worries about damage to crops and infrastructure in the Gulf Coast region following the landfall of Hurricane Helene as well as short-covering ahead of key crop reports due Monday.
A sharp fall in the quality of France's wheat crop due to excess rain will lead to additional costs for starch makers just as the industry is still suffering from low demand and increasing competition from imports
Chicago soybeans touched a new two-month peak before ending lower on Tuesday, amid questions over export demand and late-season drought impacts on U.S. crop yields, traders said.
Despite rainfall across Saskatchewan, the province's harvest still advanced five points at 79 per cent complete as of Sept. 23. This year's pace is currently ahead of the five-year and 10-year averages.