Chicago opened the week with a rapid rise on Monday night, driven by many factors. The weekly inspections of but in particular jumped above market expectations last week to reach a season record, at 1.22 Mt. failed in the low consensus range (240 kt).
U.S. soybean crush also jumped above market expectations last month according to Nopa, to 185.81 million bushels, the largest monthly volume after the record set in December 2021. Oil stocks of soybeans during the period also fell below the consensus (1,851 million lbs). The risk of a non-renewal of the secure corridor in the Black Sea next month is also contributing to the rise in prices across the Atlantic.
At the Chicago close, the SRW wheat maturing July 2023 increased by 14.75 c$/bu, to 7.07 $/bu. THE but July 2023 futures advanced from c$6.75/bu to $6.42/bu. The bean of military for July 2023 delivery increased by c$18.25/bu, to $14.86/bu.
