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. soybeans, corn rally 1% on harvest delays, wheat at 2-week high

Published 10/06/2014, 06:45 AM
Updated 10/06/2014, 06:45 AM
U.S. soybeans, corn rally 1% on harvest delays

Investing.com - U.S. soybean and corn futures rallied more than 1% on Monday, as a slowdown in the U.S. harvest due to rains in the Midwest supported prices.

On the Chicago Mercantile Exchange, U.S. soybeans for November delivery traded at $9.2550 a bushel during U.S. morning hours, up 13.3 cents, or 1.46%, from a closing price of $9.1220 on Friday.

Prices of the oilseed hit $9.0400 a bushel on October 1, the lowest level since July 2010.

Meanwhile, U.S. corn for December delivery traded at $3.2838 a bushel, 4.38 cents, or 1.35%, higher than Friday's settlement of $3.2320.

Corn futures hit $3.1820 a bushel on October 1, a level not seen since September 2009.

Updated weather-forecasting models called for wet weather across the Midwest, which was expected to slow harvesting of a record soybean and corn crop.

The U.S. Department of Agriculture in September estimated this fall's U.S. soybean harvest would reach an all-time high of 3.913 billion bushels, while the corn harvest was forecast at a record 14.395 bushels.

The agency is scheduled to update its estimates on October 10.

Elsewhere on the CBOT, U.S. wheat for December delivery tacked on 5.35 cents to trade at $4.9175 a bushel, the most since September 18, as increased demand for U.S. supplies boosted prices.

According to the USDA, exporters sold 741,038 metric tons of U.S. wheat last week, a two-month high that topped the upper range of market forecasts.

Wheat prices slumped to a four-year low of $4.6620 on September 25 as concerns over weak demand and plentiful global supplies weighed.

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.