Soybeans bounce from lows, corn ends mixed as harvest seen expanding
DBA•U.S. soybean futures rose 2-1/2 cents to $12.80-3/4 a bushel, corn fell 1/2 cent to $4.97-1/4, and wheat gained 9-1/4 cents to $6.92-1/4. Analysts expect the USDA to report 26% of corn and 29% of soybeans harvested as of Sunday.
1. Soybeans and corn
Soybean futures firmed on Monday in a technical bounce after three sessions of losses, with concerns about crop quality following excessive Midwest rain and a stronger Brazilian real supporting prices. Corn futures ended narrowly mixed as mostly clear weather was forecast to speed U.S. harvesting over the coming week.
2. Wheat gains
Wheat futures advanced on supply concerns as the Russia-Ukraine war disrupted shipments from the two global suppliers. A major Saudi wheat purchase also supported prices.
3. Harvest and USDA report
Analysts polled by Reuters expect the USDA to report that 26% of the corn crop and 29% of soybeans had been harvested as of Sunday. Traders are watching weather forecasts and harvest progress ahead of the USDA’s monthly crop supply and demand report due Friday.
