The futures of soybeans in Chicago rise strongly this Thursday, October 12, after learning of a report from the US Government that predicts corn and soybean harvests smaller than expected.
The futures contract soy most active of the Chicago Board of Trade (CBOT) It advances 3%, to $474.54 and is heading for its highest daily increase in three and a half months. Soybeans for December reached their highest level since September 29.
Meanwhile, the futures of corn rises around 1.5%, to $194.97 per ton, and those of wheat it advances 2.7% to $209.99 per ton.
US soybean and corn harvests under projections
The monthly report of United States Department of Agriculture (USDA) on World Agricultural Supply and Demand Estimates (WASDE) anticipated a soybean harvest of 111 million tons and a corn harvest of 383 million tons.
The new harvest prospects were also lower than market expectationshelping prices recover from near three- and two-year lows for corn and soybeans, respectively.
The average yield of corn was estimated at 4.4 tons per acre and that of soybeans at 1.3 tons.
“For soybeans, the headline numbers are certainly bullish,” he said. Jack Scoville, from Price Group. “And we are responding accordingly”
If Thursday’s USDA forecasts are confirmed, the harvest of corn It would still be the third largest in history.
Despite production cuts, Declining export demand for both soybeans and corn was expected leave a large national reserve, which would weigh on prices.
“It would be good to see more (export) sales,” he said. Sherman Newlinof Risk Management Commoditiesnoting that on Thursday the USDA reported that exporters sold 295,000 metric tons of U.S. soybeans to unknown buyers.
On Friday, the USDA to release weekly grain and soybean export sales data from the United States, one day later than usual.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
