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U.S. soybeans, corn rally 1% on harvest delays, wheat at 2-week high

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Investing.com -

Investing.com - U.S. soybean and corn futures rallied more than 1% on Monday, as a slowdown in the U.S. harvest due to rains in the Midwest supported prices.

On the Chicago Mercantile Exchange, U.S. soybeans for November delivery traded at $9.2550 a bushel during U.S. morning hours, up 13.3 cents, or 1.46%, from a closing price of $9.1220 on Friday.

Prices of the oilseed hit $9.0400 a bushel on October 1, the lowest level since July 2010.

Meanwhile, U.S. corn for December delivery traded at $3.2838 a bushel, 4.38 cents, or 1.35%, higher than Friday's settlement of $3.2320.

Corn futures hit $3.1820 a bushel on October 1, a level not seen since September 2009.

Updated weather-forecasting models called for wet weather across the Midwest, which was expected to slow harvesting of a record soybean and corn crop.

The U.S. Department of Agriculture in September estimated this fall's U.S. soybean harvest would reach an all-time high of 3.913 billion bushels, while the corn harvest was forecast at a record 14.395 bushels.

The agency is scheduled to update its estimates on October 10.

Elsewhere on the CBOT, U.S. wheat for December delivery tacked on 5.35 cents to trade at $4.9175 a bushel, the most since September 18, as increased demand for U.S. supplies boosted prices.

According to the USDA, exporters sold 741,038 metric tons of U.S. wheat last week, a two-month high that topped the upper range of market forecasts.

Wheat prices slumped to a four-year low of $4.6620 on September 25 as concerns over weak demand and plentiful global supplies weighed.

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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