PARIS/BEIJING: Chicago soybeans, wheat and corn futures rose on Wednesday as traders adjusted positions before the end of the month and quarter and ahead of the US Department of Agriculture’s (USDA) quarterly stocks report.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.5percent at USD13.04-1/4 a bushel by 1130 GMT.
Wheat gained 0.8percent to USD6.98-1/4 a bushel and corn rose 0.6percent to USD5.25 a bushel. Soybeans were supported by expectations of a bigger US-China soybean deal, traders said.
Prices had fallen in earlier trade, on continued pressure after soybeans were left out of a tariff-reduction list issued following last week’s summit between leaders of both countries, dampening hopes of renewed purchases by private Chinese crushers of US supplies.
Markets were also monitoring the US harvest after forecasters said continued rain could slow fieldwork.
US farmers have harvested 18percent of the corn crop and 17percent of soybeans, matching their average pace over the past five years, the USDA said on Monday.
Planting of the winter wheat crop to be harvested in 2027 was also progressing at a slower pace than usual. Winter wheat planting was 27percent complete as of Sunday, below the five-year average of 34percent, USDA data showed.
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