US corn and soyabean futures rose more than 1 percent on Monday on position-squaring ahead of US government crop reports due later this week, along with worries about dry conditions in parts of the Midwest, traders said. Wheat followed the firm trend. As of 12:45 pm CDT (1745 GMT), Chicago Board of Trade December corn futures were up 6 cents at $3.87 per bushel. November soyabeans were up 14 cents at $9.70-3/4 a bushel. CBOT September wheat was up 6 cents at $4.60-3/4 a bushel.
Traders are starting to adjust their holdings ahead of the US Department of Agriculture's monthly supply/demand reports for August, which are due on Thursday. The USDA's report on Thursday will include its first yield estimates incorporating field data for the 2017 US corn and soyabean crops.
Analysts surveyed by Reuters on average expect the USDA to project the US 2017 corn yield at 166.2 bushels per acre (bpa), below the government's current trend-based forecast of 170.7 bpa. For soyabeans, the average of analysts' yield estimates was 47.5 bpa, below the USDA's current trend-based figure of 48.0 bpa.
Weather remains a key topic as the US corn and soya crops continue to develop. Temperatures have turned cooler in the Midwest crop belt this month but some areas need moisture. Analysts expected the USDA in a weekly report later on Monday to leave crop condition ratings unchanged for corn, soyabeans and spring wheat. Wheat futures rose, with the CBOT September contract rebounding after setting a seven-week low on Friday at $4.53-1/2.
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