US soybean futures rebounded from near six-year lows on Thursday in a short-covering bounce and as weekly government export data showed strong new-crop sales last week.
Corn edged higher, hovering close to last session's one-week peak after field reports from an annual crop tour suggested the country's output may be lower than was forecast by the US Department of Agriculture.
Wheat also advanced, drawing support from corn, a weaker dollar and chart support around the $5 level. But wheat was still being hemmed in by ample global supply, including bumper harvests in Europe that pushed Paris futures to a new three-month low.
Chicago Board of Trade November soybeans rose 9 cents, or 1 percent, to $9.02-1/2 a bushel by 11:36 am CDT (1636 GMT) after earlier hitting a contract low of $8.88 a bushel, the lowest level for the most active contract since October 2009.
Soybeans had been pressured by beneficial rains across the US Midwest and concerns about the economy in China that have pushed commodity markets to multiyear lows. China is the world's largest soybean importer.
CBOT December corn was up 2-1/2 cents, or 0.7 percent, at $3.81 a bushel. September soft red winter wheat gained 8 cents, or 1.6 percent, to $5.04-1/4 a bushel, and September hard red winter wheat rose 6 cents, or 1.3 percent, to $4.80-1/4.
Markets drew support from USDA data early on Thursday that showed corn and soybean export sales last week near the high end of trade expectations.
Still, new-crop export sales for corn and soybeans remain well below the pace of last year.
Market focus was on field surveys from this week's Pro Farmer crop tour, which was moving across the Midwest.
So far, scouts have found above-average crops in the western Midwest and well below-average crops in the east due to excessive early-season rains, largely confirming trade expectations.
Last week, the US Department of Agriculture caught the market by surprise by raising projected 2015 production to 13.686 billion bushels, with average yield projected at 168.8 bushels per acre.
"The trade is looking for lower-than-USDA numbers on Friday afternoon from the crop tour," said Rich Nelson, chief strategist at Allendale Inc.
Comments
Comments are closed.