Soyabean futures on the Chicago Board of Trade hit a 3-1/2-week high early on Thursday after the US Department of Agriculture cut its estimate of the US 2016 harvest and lowered its forecast of US soyabean inventories, traders said. CBOT March soyabeans settled up 28-3/4 cents at $10.40-1/4 per bushel after touching $10.41-1/4, the contract's highest since Dec. 19.
The USDA trimmed its estimate of the 2016 soyabean harvest to 4.307 billion bushels, from 4.361 billion in November, bucking trade expectations for an increase. The government lowered its figures for yield and harvested acres. The USDA also reported US Dec. 1 soyabean stocks at 2.895 billion bushels, up from a year ago, but below an average of analyst estimates for 2.935 billion.
CBOT soyameal posted the biggest percentage advance in the soya complex, with the March contract breaking through chart resistance at its 200-day moving average near $325 per short ton. CBOT soyaoil closed higher but trailed the gains in soyabeans and soyameal. The USDA raised its forecast of US 2016-17 soyaoil ending stocks, a bearish factor. CBOT March wheat settled up 7-1/2 cents at $4.26-1/4 per bushel after reaching a two-month high at $4.30.
K.C. March hard red winter wheat ended up 13 cents at $4.44-3/4 a bushel after reaching $4.46, its highest since August. MGEX March spring wheat rose 12-1/2 cents to $5.74 after matching its mid-June high of $5.75-3/4. The USDA said US farmers planted 32.4 million acres to winter wheat for harvest in 2017, down from 36.1 million acres a year ago and below an average of trade expectations for 34.1 million.
Chicago Board of Trade corn futures closed higher on Thursday, buoyed late in the session by strength in soybeans and wheat, despite bearish US quarterly stocks data released by the US Department of Agriculture. CBOT March corn settled up 1 cent at $3.58-1/4 per bushel. The USDA reported US Dec. 1 grain stocks as 12.384 billion bushels, up about 10 percent from a year ago and above the average analyst estimate of 12.3 billion.