US corn and soyabeans edged higher on Monday, rebounding from their multiyear lows reached earlier in the trading session amid the advancing harvest of record crops and a continuing dollar rally that dented export hopes. Wheat futures also were mostly higher at the Chicago Board of Trade after the dollar trimmed gains against a basket of other currencies. Plentiful global grain supplies and a surging greenback have made US corn and wheat less competitive in top export destinations in Asia, Africa and the Middle East.
Corn was heading for its first gains in three sessions after falling as low as $3.22 per bushel - the lowest point since September 2009. Soyabeans rebounded after falling to $9.05-1/2, a 4-1/2 year low. "We've thrown so much bear news at this thing and I just think it's a bit oversold and we're due for a rally," said Mark Gold, analyst at brokerage Top Third Ag Marketing in Chicago.
Record corn and soyabean harvests were accelerating under mostly warm and dry conditions in the US Midwest. Analysts expected the US Agriculture Department in a report due after the close of trading to show harvest progress slightly below average. Cool weather during the growing season presented few threats to the crops but also slowed maturity, according to analysts polled by Reuters.
Most-active CBOT December corn was up 1-1/4 cents at $3.24-1/4 per bushel while CBOT November soyabeans were up 6 cents at $9.16-1/4 per bushel as of 11:01 am CDT (1601 GMT). CBOT wheat was up 3-1/2 cents at $4.77-3/4. Soyabeans were further supported by USDA data showing US export inspections at 687,191 tonnes in the week ending September 25, above analyst expectations and the largest inspections since March. Corn inspections of 601,825 tonnes fell below estimates ranging from 950,000 to 1.1 million tonnes.
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