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U.S. grains mixed; soybeans hit 9-month high on supply outlook

Published 04/02/2014, 06:20 AM
Updated 04/02/2014, 06:20 AM

Investing.com - U.S. soybean futures rose to a nine-month high on Wednesday, amid ongoing concerns over tightening supplies in the U.S.

On the Chicago Mercantile Exchange, US soybeans for May delivery rose to a session high of $14.9588 a bushel, the strongest level since July 23.

Soybeans last traded at $14.9175 a bushel during U.S. morning hours, up 0.45%, or 6.6 cents. The May soybean contract jumped 1.4%, or 20.4 cents, on Tuesday.

Soybeans extended gains into a third session after the U.S. Department of Agriculture said U.S. inventories of the oilseed on March 1 totaled 992 million bushels, the lowest for this time of year since 2004.

Meanwhile, US corn for May delivery declined 0.45%, or 2.3 cents, to trade at $5.0513 a bushel, as a round of profit taking kicked in.

The May corn contract rallied to a seven-month high of $5.1240 a bushel on Tuesday, before settling at $5.0740, up 1.1%, or 5.4 cents.

The USDA projected U.S. farmers will plant 91.7 million acres of corn this spring, a 4% decline from last year and the lowest total in four years.

The agency also said that domestic supplies as of March 1 totaled 7.006 billion bushels, compared to expectations for 7.1 billion bushels.

Elsewhere on the CBOT, US wheat for May delivery tumbled 0.89%, or 6.1 cents, to trade at $6.7888 a bushel. The May wheat contract lost 1.72%, or 12.0 cents, on Tuesday to settle at $6.8520 a bushel.

The USDA pegged wheat stocks at 1.06 billion bushels, above expectations of 1.03 billion bushels.

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

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