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Soybeans, corn draw support from U.S. harvest delays

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Investing.com -

Investing.com - U.S. soybean and corn prices edged higher on Thursday, as a slowdown in the U.S. harvest last week continued to support prices.

On the Chicago Mercantile Exchange, US soybeans for November delivery rose 4.12 cents, or 0.43%, to trade at $9.6613 a bushel during U.S. morning hours.

Prices of the oilseed rallied to $9.8240 on Wednesday, the most since September 18, before turning lower to settle at $9.6260, down 1.4 cents, or 0.165.

According to the U.S. Department of Agriculture, approximately 53% of the U.S. soy harvest was completed as of October 19, compared to the five-year average of 66% for this time of year.

Meanwhile, US corn for December delivery traded at $3.5363 a bushel, up 1.23 cents, or 0.35%.

A day earlier, corn futures rose to $3.6100, the most since September 3, before settling at $3.5300, down 3.0 cents, or 0.84%.

Nearly 31% of the U.S. corn harvest was completed as of last week, below the five-year average of 53% for this time of year, according to the USDA.

Elsewhere on the CBOT, US wheat for December delivery advanced 2.27 cents, or 0.44%, to trade at $5.2388 a bushel.

Prices of the grain hit $5.2860 on Wednesday, the highest since September 10, before closing at $5.2220, up 3.0 cents, or 0.58%.

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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