Corn markets reversed course to end higher Monday after it running out of sellers who pummeled corn prices following bearish data last week from the USDA.
CBOT corn for September delivery rose 0.6% to end at $3.62 a bushel on the ICE Futures U.S. exchange. September wheat was up 0.4% at $4.41 a bushel and August soybeans fell 1.1% to $9.25 a bushel.
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The grain and soybeans markets were anticipating the results of a crop progress report this afternoon after the close, with expectations that the condition of corn and soybeans would drop one or two percentage points.
The U.S. Department of Agriculture on Thursday unexpectedly raised its estimate for this year's soybean harvest to a potential record of nearly 4.4 billion bushels. The USDA's forecast for this year's corn harvest, 14.2 billion bushels, would be closer than expected to last year's record 15.2 billion-bushel haul.
"I have yet to really speak with anyone who believes that the number issued last week will turn out to be accurate, but at this time that matters little as they are the numbers that we will trade until private tours begin to publish figures," Dan Hueber, manager of the Hueber Report, said.
Doug Bergman, director of RSM Alternatives, said last week's report showed that traders are no longer making bets based on the condition of crops but are instead looking at record production and swelling supplies in these markets.
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(END) Dow Jones Newswires
August 14, 2017 15:27 ET (19:27 GMT)