Soybeans rise ahead of US reports; wheat rebounds
DBA•Chicago soybeans rose 0.6% and wheat gained 0.05% ahead of U.S. supply-demand reports, while corn was unchanged. A rapid U.S. harvest limited gains in soybeans and corn, while Black Sea export disruptions supported wheat.
1. Prices ahead of reports
The most-active Chicago soybean contract rose 0.6% to $12.95½ a bushel, corn was unchanged at $5.00¼, and wheat gained 0.05% to $6.83½ by 1150 GMT. Grain markets were trading in ranges as traders positioned ahead of U.S. Department of Agriculture supply-demand reports due later in the day.
2. Harvest and export factors
Near-perfect weather in the U.S. Midwest supported harvest progress and limited gains in soybeans and corn. Analysts polled by Reuters expected the USDA to lower its average corn yield estimate but raise its view of end-of-season U.S. supplies. Limited supplies from Russia and Ukraine supported wheat, as both countries sought alternative export routes.
