Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

U.S. grain futures trade near multi-week highs on harvest delays

Published 10/29/2014, 07:36 AM
Updated 10/29/2014, 07:36 AM
U.S. corn futures trade near 3-month high

Investing.com - U.S. corn, soybean and wheat futures all traded near multi-week highs on Wednesday, as a slowdown in the pace of the U.S. harvest last week continued to support prices.

On the Chicago Mercantile Exchange, US corn for December delivery traded at $3.6788 a bushel during U.S. morning hours, up 3.25 cents, or 0.89%.

Corn futures rose to $3.7160 a bushel on Tuesday, a level not seen since July 18, before trimming gains to settle at $3.6440, up 1.4 cents, or 0.41%.

According to the U.S. Department of Agriculture, nearly 46% of the U.S. corn harvest was completed as of October 26, significantly below the five-year average of 65% for this time of year.

Meanwhile, US soybeans for January delivery tacked on 11.88 cents, or 1.17%, to trade at $10.2650 a bushel.

Prices of the oilseed hit $10.4100 a bushel on Tuesday, the most since August 25, before paring gains to end at $10.1500, up 2.2 cents, or 0.22%.

Approximately 70% of the U.S. soy harvest was completed as of last week, below the five-year average of 76% for this time of year, according to the USDA.

Elsewhere on the CBOT, US wheat for December delivery advanced 3.12 cents, or 0.59%, to trade at $5.3463 a bushel.

A day earlier, wheat prices tacked on 8.0 cents, or 1.53%, to close at $5.3060 a bushel.

Wheat prices were boosted amid concerns over the health of the harvest in major growers Russia and Australia.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.