Investing.com - " U.S. grain futures were higher on Wednesday,
with soy and wheat prices advancing amid indications of increasing
demand for U.S. supplies.
On the Chicago Mercantile Exchange, soybeans futures for January
delivery traded at USD12.7713 a bushel, up 0.5%. Prices of the
oilseed traded in a range between USD12.7075 a bushel, the daily
low and a session high of USD12.7913 a bushel earlier.
The January soy contract ended 0.22% higher at USD12.7060 a bushel
The U.S. Department of Agriculture said on Monday that U.S. farmers
shipped 83.6 million bushels of soybeans last week, the
second-highest amount on record.
Meanwhile, wheat for December delivery traded at USD6.8438 a
bushel, 0.45% higher. Wheat prices held in a range between
USD6.8263 a bushel, the session low and a daily high of USD6.8600 a
The December contract fell to USD6.7620 a bushel on Tuesday, the
weakest level since October 1, before turning higher to settle at
USD6.8120 a bushel, up 0.04% on the day.
Market players continued to monitor crop prospects and weather
conditions in the U.S., South America and countries in the Black
Wheat prices have been well-supported in recent weeks as concerns
over global crop prospects fuelled expectations demand for U.S.
supplies will increase in the near-term.
Brazil is on pace to buy the most wheat from the U.S. in at least
20 years, while China has booked orders for nearly four times as
much as it purchased last year.
Elsewhere on the CBOT, corn futures for December delivery traded at
USD4.3388 a bushel, up 0.4%. Corn prices traded in a range between
USD4.3138 a bushel, the daily low and a session high of USD4.3400 a
The December corn contract dropped to USD4.2820 a bushel on
Tuesday, the weakest level since August 26, 2010, before settling
at USD4.3200 a bushel, up 0.29%.
Corn prices have been on a downward trend in recent weeks amid
expectations this year's corn harvest in the U.S. will be the
largest on record.
According to the USDA, nearly 59% of the corn harvest was completed
as of October 27, up from the 39% harvested a week earlier.
The agency said that approximately 62% of the corn crop was rated
in 'good' to 'excellent' condition, improving from 60% in the
Corn is the biggest U.S. crop, followed by soybeans, government
figures show. Wheat was fourth, behind hay.
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