Investing.com - U.S. grain futures were higher on Wednesday, with soybean prices advancing for the second consecutive day amid renewed concerns over U.S. crop prospects in the Midwest.
On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD13.1713 a bushel, up 0.35%. Prices of the oilseed rose by as much as 0.55% earlier in the session to hit a daily high of USD13.1963 a bushel.
The November soy contract settled 0.35% higher at USD13.1240 a bushel on Tuesday.
According to the U.S. Department of Agriculture, approximately 3% of the U.S. soy harvest was completed as of last week, significantly below the 21% harvested in the same week a year earlier. The five-year average for this time of year is 9%.
The USDA also said that 50% of the soy crop was in ‘good’ to ‘excellent’ condition as of last week, unchanged from the previous week.
Elsewhere on the CBOT, corn futures for December delivery traded at USD4.5113 a bushel, up 0.55%. Prices held in a tight range between USD4.4838 a bushel, the daily low and a session high of USD4.5113 a bushel.
The December corn contract settled down 1% on Tuesday to end at USD4.4860 a bushel.
The USDA said that nearly 7% of the corn harvest was completed as of last week, up from 4% in the preceding week.
The agency said that approximately 55% of the corn crop was rated in ‘good’ to ‘excellent’ condition, improving from 53% a week earlier.
Meanwhile, wheat for December delivery traded at USD6.6163 a bushel, up 0.5%. Wheat futures rose by as much as 1% earlier in the day to hit a session high of USD6.6213 a bushel, the strongest since September 3.
The December contract settled 0.75% higher at USD6.5820 a bushel on Tuesday.
Wheat prices have been well-supported in recent sessions amid speculation demand from top consumer China will increase in the near-term.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD13.1713 a bushel, up 0.35%. Prices of the oilseed rose by as much as 0.55% earlier in the session to hit a daily high of USD13.1963 a bushel.
The November soy contract settled 0.35% higher at USD13.1240 a bushel on Tuesday.
According to the U.S. Department of Agriculture, approximately 3% of the U.S. soy harvest was completed as of last week, significantly below the 21% harvested in the same week a year earlier. The five-year average for this time of year is 9%.
The USDA also said that 50% of the soy crop was in ‘good’ to ‘excellent’ condition as of last week, unchanged from the previous week.
Elsewhere on the CBOT, corn futures for December delivery traded at USD4.5113 a bushel, up 0.55%. Prices held in a tight range between USD4.4838 a bushel, the daily low and a session high of USD4.5113 a bushel.
The December corn contract settled down 1% on Tuesday to end at USD4.4860 a bushel.
The USDA said that nearly 7% of the corn harvest was completed as of last week, up from 4% in the preceding week.
The agency said that approximately 55% of the corn crop was rated in ‘good’ to ‘excellent’ condition, improving from 53% a week earlier.
Meanwhile, wheat for December delivery traded at USD6.6163 a bushel, up 0.5%. Wheat futures rose by as much as 1% earlier in the day to hit a session high of USD6.6213 a bushel, the strongest since September 3.
The December contract settled 0.75% higher at USD6.5820 a bushel on Tuesday.
Wheat prices have been well-supported in recent sessions amid speculation demand from top consumer China will increase in the near-term.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.