U.S. grains mixed; soybeans hit 9-month high on supply outlook
Investing.com
Published Apr 02, 2014 06:20AM ET
Investing.com - U.S. soybean futures rose to a nine-month high on Wednesday, amid ongoing concerns over tightening supplies in the U.S.
On the Chicago Mercantile Exchange, US soybeans for May delivery rose to a session high of $14.9588 a bushel, the strongest level since July 23.
Soybeans last traded at $14.9175 a bushel during U.S. morning hours, up 0.45%, or 6.6 cents. The May soybean contract jumped 1.4%, or 20.4 cents, on Tuesday.
Soybeans extended gains into a third session after the U.S. Department of Agriculture said U.S. inventories of the oilseed on March 1 totaled 992 million bushels, the lowest for this time of year since 2004.
Meanwhile, US corn for May delivery declined 0.45%, or 2.3 cents, to trade at $5.0513 a bushel, as a round of profit taking kicked in.
The May corn contract rallied to a seven-month high of $5.1240 a bushel on Tuesday, before settling at $5.0740, up 1.1%, or 5.4 cents.
The USDA projected U.S. farmers will plant 91.7 million acres of corn this spring, a 4% decline from last year and the lowest total in four years.
The agency also said that domestic supplies as of March 1 totaled 7.006 billion bushels, compared to expectations for 7.1 billion bushels.
Elsewhere on the CBOT, US wheat for May delivery tumbled 0.89%, or 6.1 cents, to trade at $6.7888 a bushel. The May wheat contract lost 1.72%, or 12.0 cents, on Tuesday to settle at $6.8520 a bushel.
The USDA pegged wheat stocks at 1.06 billion bushels, above expectations of 1.03 billion bushels.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.