Corn rebounds from 10-day low, set for first weekly loss in five
U.S. corn futures on Friday rebounded from a 10-day low, though prospects for higher-than-expected North American production were set to drive the first weekly loss in over a month.
Soybeans firmed, with the oilseed poised to record a weekly gain of over 1%, while wheat was set to post its sixth straight weekly gain.
The most active corn futures on the Chicago Board Of Trade were up 0.5% at $3.82-1/4 a bushel by 0334 GMT, after closing down 3.6% on Thursday when prices hit a Sept. 30 low of $3.78-1/4 a bushel.
Driven by the losses on Thursday, corn is poised to finish the week down 0.7%.
“The prospects for any supply issues are now gone, which was illustrated by the U.S. Department of Agriculture report last night,” said Phin Ziebell, agribusiness economist, National Australia Bank.
The USDA, in its monthly supply and demand report, pegged the U.S. corn yield at 168.4 bushels per acre, compared with 168.2 bushels in September. Analysts were expecting a cut to 167.5 bushels.
The most active wheat futures were at unchanged at $4.93 a bushel, after closing down 1.4% on Thursday.
Wheat is up 0.5% for the week, on track for to extend a winning streak to a sixth week.
The most active soybean futures were up 0.6% at $9.29-1/4 a bushel after closing flat on Thursday when prices had touched a high of $9.34 a bushel – the highest since July 15.
Soybeans are up 1.4% for the week, set for their third straight weekly gain.
The USDA reduced its soybean yield estimate to 46.9 bushels per acre from 47.9 bushels last month. Analysts were expecting 47.3 bushels.
The USDA lowered its estimate for U.S. soybean ending stocks to 460 million bushels from 640 million last month.
The USDA, in a separate daily report for export sales, said China bought 398,000 tonnes of U.S. soybeans.
Grains prices at 0346 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 493.00 0.00 +0.00% -1.45% 483.17 55 CBOT corn 382.50 2.25 +0.59% -2.98% 373.99 49 CBOT soy 929.50 6.00 +0.65% +0.62% 893.61 76 CBOT rice 12.02 -$0.03 -0.21% +0.08% $12.02 60 WTI crude 53.85 $0.30 +0.56% +2.40% $55.71 49 Currencies Euro/dlr $1.102 $0.001 +0.10% +0.42% USD/AUD 0.6780 0.002 +0.28% +0.85%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
Source: Reuters (Reporting by Colin Packham; Editing by Aditya Soni)