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US corn and wheat futures rise while soybean futures fall

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Dry Bulk,

Yesterday US corn and wheat futures rose to their highest levels in over a month, while soybean futures fell as China – the biggest buyer of the oilseed globally – and the US continued their trade war by slapping additional tariffs on each other’s goods.

Front-month corn futures at the Chicago Board of Trade (CBOT) were up 2-1/2 cents at US$3.59-3/4 a bushel by 11:35 am CDT (16:35 GMT). The market earlier on Monday touched US$3.61 a bushel - the highest price for a nearby contract since 21 August.

CBOT wheat futures were up 4-1/2 cents at US$5.26-1/4 a bushel. The contract reached a session high of US$5.31-1/4, its highest price since 23 August. Soybeans were down 5 cents at US$8.42-1/4 a bushel, having risen during the trading week ended 21 September.

The soybean market is vulnerable to the dispute because it is the US' biggest agricultural export to China; shipments have almost ground to a complete halt following Beijing’s decision to apply a further tariff on US beans in July.

The slowdown in exports comes amid concerns that as US farmers begin to harvest massive corn and soybean crops, rains could cause significant damage to crops.

The US Department of Agriculture yesterday reported that 1.3 million t of US corn were inspected for export in the week ended 20 September, topping analysts' estimates.

Wheat inspections totalled 409 592 t and soybean inspections were at 693 890 t, according to the agency, within analysts' estimates.

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