Investing.com - " U.S. grain futures were higher on Monday, with
corn prices rising to a seven-day high after the U.S. Department of
Agriculture projected a smaller harvest this autumn than analysts
On the Chicago Mercantile Exchange, corn futures for December
delivery traded at USD4.3163 a bushel, up 1%. Corn prices rose to
USD4.3200 a bushel earlier, the highest since October 31.
The December corn contract settled 1.49% higher on Friday to end at
USD4.2660 a bushel.
The USDA said Friday that the U.S. corn crop will total 13.989
billion bushels in the 2013 marketing season, compared to
expectations for 14.029 billion bushels.
U.S. corn stockpiles are expected to total 1.887 billion bushels in
the crop year ending August 31, significantly below estimates of
2.056 billion bushels.
The export forecast was increased to 1.4 billion bushels, up 14%
from a previous estimate, as global importers looked to take
advantage of lower prices.
Corn prices have been on a downward trend in recent months amid
expectations this year's corn harvest in the U.S. will be the
largest on record.
Prices of the grain slumped to a four-year low of USD4.1540 a
bushel on November 8.
Elsewhere on the CBOT, soybeans futures for January delivery traded
at USD12.9638 a bushel, up 0.1%. Prices of the oilseed traded in a
range between USD12.9038 a bushel, the daily low and a session high
of USD12.9760 a bushel, which is the strongest level since October
The January soy contract ended up 2.33% higher on Friday to settle
at USD12.9600 a bushel.
Prices of the oilseed rallied on Friday after the USDA estimated
that domestic stockpiles next year would be lower than previously
expected, citing strong export demand for the oilseeds.
U.S. soybean stockpiles before next year's harvest were forecast at
170 million bushels, below expectations for 183.1 million bushels.
The USDA raised its forecast for soybean exports in the current
crop year to 1.45 billion bushels from a previous estimate of 1.37
Global ending stocks of the oilseed were projected at 70.23 million
tonnes, significantly below expectations for 72.4 million tonnes.
Meanwhile, wheat for December delivery traded at USD6.5388 a
bushel, up 0.55%. Wheat prices held in a range between USD6.4913 a
bushel, the daily low and a session high of USD6.5438 a bushel.
The December contract slumped to USD6.4400 a bushel on Friday, the
lowest since September 20, before settling at USD6.4960 a bushel,
The USDA said that U.S. wheat stockpiles at the end of the current
marketing year will be 565 million bushels, above expectations for
527 million bushels.
Corn is the biggest U.S. crop, followed by soybeans, government
figures show. Wheat was fourth, behind hay.
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