Investing.com - U.S. grain futures were higher during European morning hours on Wednesday, with soybean and wheat prices consolidating above multi-week lows hit earlier in the week as investors continued to focus on global crop prospects and dwindling demand for U.S. supplies.
On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD14.9588 bushel, adding 0.15%. The November contract rose by as much as 0.4% earlier in the session to hit a daily high of USD14.9938 a bushel.
Front-month soybean prices touched a three-and-a-half-month low of USD14.8587 a bushel on Monday, as traders started to focus on soybean production in Brazil and Argentina, as well as declining global demand for U.S. supplies.
U.S. farmers sold a mere 500,657 tons of soybeans last week, the lowest amount in two months and less than half the week-earlier total.
Soybean prices have been under heavy selling pressure in recent weeks, losing almost 16% since hitting an all-time high of USD17.8888 a bushel on September 4, as U.S. farmers started harvesting soybeans at a brisk pace.
The U.S. Department of Agriculture said that approximately 71% of the U.S. soy crop was harvested as of last week, up from the 58% recorded a week earlier.
The five-year average for this time of year is 58%, while only 64% of the crop was harvested in the same week a year earlier.
Meanwhile, corn futures for December delivery traded at USD7.4275 a bushel, gaining 0.6%. The December contract rose by as much as 0.7% earlier to hit a session high of USD7.4325 a bushel.
The USDA said that nearly 79% of the U.S. corn crop was harvested as of last week, up from 69% in the preceding week and significantly higher than the 42% recorded in the same week a year earlier.
The five-year average for this time of year is 38%.
Corn prices have been under pressure in recent weeks, as a combination of easing concerns over the pace of the U.S. harvest and worries over slowing demand for U.S. corn dampened the appeal of the commodity.
Corn futures are down nearly 12% since touching a record high of USD8.4237 a bushel on August 10.
Elsewhere, wheat for December delivery traded at USD8.5288 a bushel, climbing 0.55%. The December contract rose by as much as 0.75% earlier in the session to hit a daily high of USD8.5450 a bushel.
Front-month wheat prices fell to a two-month low of USD8.4162 a bushel on Monday.
Wheat prices regained strength amid concerns over declining production in Australia, the world’s third largest exporter of the grain.
Australian wheat stocks at the end of September fell to 7.1 million tonnes, down from 9.1 million at the end of August, the Australian Bureau of Statistics said on Wednesday.
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 USD14.9588 bushel, adding 0.15%. The November contract rose by as much as 0.4% earlier in the session to hit a daily high of USD14.9938 a bushel.
Front-month soybean prices touched a three-and-a-half-month low of USD14.8587 a bushel on Monday, as traders started to focus on soybean production in Brazil and Argentina, as well as declining global demand for U.S. supplies.
U.S. farmers sold a mere 500,657 tons of soybeans last week, the lowest amount in two months and less than half the week-earlier total.
Soybean prices have been under heavy selling pressure in recent weeks, losing almost 16% since hitting an all-time high of USD17.8888 a bushel on September 4, as U.S. farmers started harvesting soybeans at a brisk pace.
The U.S. Department of Agriculture said that approximately 71% of the U.S. soy crop was harvested as of last week, up from the 58% recorded a week earlier.
The five-year average for this time of year is 58%, while only 64% of the crop was harvested in the same week a year earlier.
Meanwhile, corn futures for December delivery traded at USD7.4275 a bushel, gaining 0.6%. The December contract rose by as much as 0.7% earlier to hit a session high of USD7.4325 a bushel.
The USDA said that nearly 79% of the U.S. corn crop was harvested as of last week, up from 69% in the preceding week and significantly higher than the 42% recorded in the same week a year earlier.
The five-year average for this time of year is 38%.
Corn prices have been under pressure in recent weeks, as a combination of easing concerns over the pace of the U.S. harvest and worries over slowing demand for U.S. corn dampened the appeal of the commodity.
Corn futures are down nearly 12% since touching a record high of USD8.4237 a bushel on August 10.
Elsewhere, wheat for December delivery traded at USD8.5288 a bushel, climbing 0.55%. The December contract rose by as much as 0.75% earlier in the session to hit a daily high of USD8.5450 a bushel.
Front-month wheat prices fell to a two-month low of USD8.4162 a bushel on Monday.
Wheat prices regained strength amid concerns over declining production in Australia, the world’s third largest exporter of the grain.
Australian wheat stocks at the end of September fell to 7.1 million tonnes, down from 9.1 million at the end of August, the Australian Bureau of Statistics said on Wednesday.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.