Grain futures mixed in rangebound trade after USDA report

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Investing.com - U.S. grain futures were mixed during early U.S. morning hours on Thursday, as investors continued to digest the previous session's U.S. Department of Agriculture's monthly report on U.S. and global grain supplies.

On the Chicago Mercantile Exchange, soybeans futures for July delivery traded at USD15.340 a bushel, down 0.4% on the day.

The July contract held in a range between USD15.2938 a bushel, the daily low and a session high of USD15.4350 a bushel.

The oilseed rallied to a seven-month high of USD15.5850 a bushel after the USDA left its forecast for domestic soybean stocks as of August 31 unchanged at 265 million bushels, below market expectations for an increase to 273 million bushels.

The agency forecast a U.S. harvest of 3.39 billion bushels, unchanged from its May prediction.

Soybean prices have been well-supported in recent sessions amid ongoing concerns over U.S. planting prospects.

Meanwhile, corn futures for July delivery traded at USD6.5263 a bushel, up 0.25% on the day. The July contract traded in a tight range between USD6.4913 a bushel, the daily low and a session high of USD6.5288 a bushel.

The front-month July corn contract fell 1% on Wednesday after the USDA said that U.S. stockpiles before the 2014 harvest will total 1.949 billion bushels, above market expectations of 1.829 billion bushels.

The report also showed that this fall's U.S. corn harvest would total 14.005 billion bushels, above expectations for 13.82 billion bushels.

According to the USDA, global supplies will total 151.83 million tons, higher than expectations for 151.21 million tons.

Elsewhere on the CBOT, wheat for July delivery traded at USD6.8225 a bushel, little changed on the day. The July contract was trapped in a range between USD6.7988 a bushel, the daily low and a session high of USD6.8388 a bushel.

Wheat futures dropped to a three-week low of USD6.7912 a bushel on Wednesday after the USDA said U.S. wheat reserves at the end of the crop's current marketing year on May 31 will total 659 million bushels, above market expectations for 655 million bushels.

The report forecast domestic wheat output this year at 2.08 billion bushels, higher than analysts' expectations.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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