Corn hovers near 2.5-month high on subdued US harvest outlook - CBOT

Soybeans trading near strongest prices since June
calendar icon 13 September 2022
clock icon 2 minute read

Chicago corn futures edged up on Tuesday, hovering near their highest levels since end June hit in the previous session, following a reduced production outlook from the US Department of Agriculture (USDA), reported Reuters.

Soybeans were also trading near their strongest prices since June after the USDA made bigger-than-expected cuts to its domestic harvest estimate, while wheat was supported near a two-month high.

The most-traded corn contract on the Chicago Board of Trade (CBOT) was up 0.1% at $6.97 a bushel, as of 0056 GMT. It ended at $6.96 a bushel on Monday and hit its highest price since June 27.

Soybeans was flat at $14.87-3/4 a bushel, while wheat climbed 0.9% to $8.66-1/4 a bushel.

US corn and soybean supplies will fall to multi-year lows, as hot and dry weather during August in western growing areas cut into the harvest potential for both crops, the USDA said on Monday.

Condition ratings for the US corn and soybean crops declined in the last week while the corn harvest began in southern reaches of the Midwest, the USDA added.

Russian wheat export prices rose last week with global benchmarks and demand from importers, the IKAR agriculture consultancy said on Monday.

France's transport minister said on Sunday he would sign an agreement with Romania to help increase Ukrainian grain exports to developing countries including to the Mediterranean.

MARKET NEWS

Wall Street equity indexes closed higher on Monday, as some investors bet that August data would show easing US inflation while others were encouraged by news that Ukraine had made progress against Russia in a war that has hurt the global economy.

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