Soybeans rise ahead of USDA monthly report
CORN•Chicago soybean futures rose 0.12% to $12.94-1/2 a bushel ahead of a USDA report, with analysts expecting the August soybean crush to fall to an 11-month low of 6.317 million short tons. Wheat and corn futures also rose.
1. Grain futures rise
The most-active Chicago soybean contract added 0.12% to $12.94-1/2 a bushel by 0012 GMT. Wheat rose 0.22% to $6.77-1/4 a bushel, while corn gained 0.35% to $5.02-1/2.
2. USDA data awaited
Analysts said the US soybean crush likely fell in August to an 11-month low of 6.317 million short tons, or 210.5 million bushels, ahead of a USDA report due Thursday. US farmers and grain handlers had 35% more corn in storage on September 1 than a year earlier, the USDA said Wednesday.
3. Supply and export factors
Soybean basis bids were mixed in the US Midwest as harvest delays curbed grain flows in some areas, while other sites lowered bids in anticipation of increased October supplies. Consultancy Sovecon cut its forecast for Russia's 2026/27 grain exports to 44.7 million metric tons from 49.4 million, saying Azov and Black Sea ports would remain shut until 2027.
