Soybeans and corn rise ahead of US reports; wheat rebounds
CORN•Chicago soybeans rose 0.6% to $12.95-1/2 a bushel and corn gained 0.4% to $5.02-1/4 ahead of US supply-demand reports, while wheat rose 0.4% to $6.86. A rapid US harvest limited gains in soybeans and corn, while Black Sea export disruptions supported wheat.
1. Markets await USDA reports
Soybeans and corn rose on Friday as traders positioned ahead of US supply-demand reports due later in the day. A trader said the markets were trading in a range and could move sharply if the reports contain surprises.
2. Harvest and supply outlook
Near-perfect weather in the US Midwest supported harvest progress. Analysts expect the USDA to lower its average corn yield estimate but increase its view of end-of-season US supplies. The agency is due to update corn and soybean crop progress estimates on Monday.
3. Black Sea supports wheat
Wheat rose for the first time in three sessions, with limited supplies from Russia and Ukraine supporting prices. Russia's export capacity at Baltic Sea ports has increased, while Ukraine is seeking to ship grain via the Baltic Sea and German ports.
