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U.S. grains edge higher but remain near multi-week lows

Published 01/15/2015, 06:42 AM
Updated 01/15/2015, 06:42 AM
U.S. corn futures rebound

Investing.com - U.S. grain futures bounced off the previous session's multi-week lows on Thursday, as investors returned to the market to seek cheap valuations, but gains were likely to remain limited amid indications of plentiful global supplies.

On the Chicago Mercantile Exchange, US corn for March delivery tacked on 1.98 cents, or 0.52%, to trade at $3.8338 a bushel during U.S. morning hours

A day earlier, corn hit $3.7600, the lowest level since November 21, before settling at $3.8100, down 4.6 cents, or 1.23%.

The U.S. Department of Agriculture said on January 12 that the U.S. harvest totaled 14.216 billion bushels last year on yields of 171 bushels an acre, both record-highs.

Meanwhile, US soybeans for March delivery traded at $10.1113 a bushel, up 1.12 cents, or 0.11%.

On Wednesday, US soybeans for March delivery touched $9.9260, a level not seen since December 4, before closing at $10.0920, up 5.2 cents, or 0.52%.

According to the USDA, U.S. farmers harvested 3.969 billion bushels of soybeans last year on yields of 47.8 bushels an acre, both all-time highs.

Elsewhere on the Chicago Board of Trade, US wheat for March delivery advanced 3.52 cents, or 0.66%, to trade at $5.4113 a bushel.

The March wheat contract fell to $5.3600 a bushel on Wednesday, the weakest level since November 20, before ending at $5.3760, down 10.2 cents, or 1.87%.

The USDA forecast domestic reserves this spring at 687 million bushels, up from last month’s forecast of 654 million.

According to the agency, wheat inventories at the start of last month totaled 1.525 billion bushels, 3% higher from the same date in 2013.

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

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