Chicago Board of Trade soyabean futures rose Wednesday for a fourth straight session, lifted by fund short-covering and worries about potentially stressful dry weather in the heart of the US Midwest as the soyabean crop matures, traders said. CBOT November soyabeans settled up 2-1/2 cents at $9.71 per bushel after reaching $9.76-3/4, its highest since Aug. 10.
CBOT December soyameal ended up 70 cents at $308.70 per short ton while December soyaoil rose 0.12 cent at 35.56 cents per pound, following soyabeans higher. Traders continue to monitor forecasts for the path of Hurricane Irma, which could bring flooding rain to crop areas in the US Southeast.
Corn futures ended higher on Wednesday, with the benchmark December contract notching a two-week high on a mix of short-covering and worries about the pace of US crop maturity, traders said. CBOT December corn settled up 2-1/2 cents at $3.61 per bushel after reaching $3.62, its highest since Aug. 23. The CBOT reported 215 deliveries against CBOT September corn futures. The USDA late Tuesday said 12 percent of the US corn crop was mature, behind the five-year average of 18 percent. The slow maturity could delay the harvest, which should begin this month.
CBOT December wheat settled up 2-3/4 cents at $4.45-3/4 per bushel. K.C. December hard red winter wheat ended up 3-3/4 cents at $4.48-3/4 a bushel while MGEX December spring wheat jumped 15-1/2 cents at $6.44-1/2. MGEX spring wheat rose on ideas the market was oversold following a six-week slide in the December contract. The US Department of Agriculture said the US spring wheat harvest was 89 percent complete as of Sunday, ahead of the five-year average of 78 percent.
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