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Chicago soybeans, corn rally; wheat weakens ahead of U.S. stocks report

Xinhua, September 30, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Tuesday with soybean, corn futures bouncing back while wheat keeping falling ahead of the U.S. grain stocks report.

The most active corn contract for December delivery gained 2.25 cents, or 0.58 percent, to close at 3.89 U.S. dollars per bushel. December wheat delivery dropped 1.75 cents, or 0.35 percent, to close at 5.0375 dollars per bushel. November soybeans added 7.5 cents, or 0.86 percent, to close at 8.8425 dollars per bushel.

"This is mostly positioning ahead of Wednesday's stocks report, in which trade estimates suggest nearly unchanged corn ending stocks and perhaps a modest drop in final soybean inventories," said AgResource company, a Chicago-based agricultural research institute.

"Wheat is stuck between the two, with rally efforts being capped by a lack of world demand," it added.

Chicago soybeans got more support on Tuesday as a report overnight released by the U.S. Department of Agriculture (USDA) showed a one-point drop from the previous week, to 62 percent, in the proportion of U.S. soybeans rated "good" or "excellent."

Later Monday, the USDA reported U.S. crop harvest, especially for soybeans, accelerated last week. As of Sept. 27, U.S. soybeans harvest in 18 states, which harvested 92 percent of the 2014 soybean acreage, had reached 21 percent compared with the five-year average of 16 percent; while about 18 percent of the corn was harvested compared with 11 percent a year ago.

The report also found the corn in good and excellent conditions held steady at 68 percent. The corn rating was 6 percent below last year while soybeans were down 10 percent. Enditem