SINGAPORE: Chicago corn futures inched higher on Wednesday, with bargain buying lifting prices following the market’s more than 3% drop in the last session after a US report forecast record output.
Soybeans slid for the first time in three sessions, while wheat fell for a second day in a row.
“The bearishness in the corn market has been priced in,” a Singapore-based grains trader said.
“The downside in prices from the current level is limited.”
The most-active corn contract on the Chicago Board of Trade (CBOT) rose 0.3% to $3.95-1/2 a bushel, as of 0301 GMT, after losing 3.2% on Tuesday.
Soybeans added 0.6% to $10.39-1/4 a bushel after closing higher in the last session.
Wheat shed 0.2% to $5.04-1/4 a bushel.
US farmers will produce record-breaking corn and soybean yields this autumn and harvest the nation’s biggest corn crop in history, the US Department of Agriculture said on Tuesday.
The agency projected corn yields will average 188.8 bushels per acre, up from its earlier forecast of 181 bushels per acre, and that farmers will harvest 16.742 billion bushels, higher than its previous estimate of 15.705 billion bushels.
For soybeans, the USDA pegged yields at a record 53.6 bushels per acre, compared to its July estimate of 52.5 bushels.
It still lowered its production estimate to 4.292 billion bushels from 4.335 billion in July.
China on Tuesday announced preliminary 75.8% anti-dumping duties on Canadian canola imports from Thursday, closing its doors to supplies of the oilseed from the North American country.
Commodity funds were net sellers of CBOT corn and wheat futures contracts on Tuesday and net buyers of soybeans, soymeal and soyoil, traders said. Reuters
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