Soybeans bounce from lows, corn slips on good harvest weather
DBA•U.S. soybean futures rose in a technical bounce after three sessions of losses, while corn futures were narrowly mixed as dry, mostly clear weather was expected to speed harvest. Wheat futures advanced on Black Sea shipment disruptions and a large Saudi purchase.
1. Grain futures move
November soybeans were up 8 cents at $12.86-1/4 a bushel after touching a five-week low in the previous session. December corn was down 1/4 cent at $4.97-1/2 after earlier falling to its lowest level in 6-1/2 weeks, while December wheat rose 7-1/2 cents to $6.90-1/2.
2. Harvest and supply
Analysts expected the U.S. Department of Agriculture to report that 26% of the corn crop and 29% of soybeans had been harvested as of Sunday. Grain traders were watching weather forecasts and harvest progress ahead of the USDA’s monthly crop supply and demand report due Friday.
3. Wheat support
Wheat prices gained as the Russia-Ukraine war disrupted shipments from the two global suppliers, with a lack of progress restoring Black Sea shipments and a major Saudi wheat purchase supporting prices.
