Soybeans Gain as Late Yields Disappoint
Soybean futures rose Wednesday as crop yields taper off toward the tail end of harvest, and concerns linger over South America's crop. Corn also gained while wheat was mixed.
U.S. farmers harvesting the last of their soybean fields are reporting weaker yields than those harvested earlier in the fall. That's prompting expectations that the government in a monthly supply-and-demand report due out next week will trim its yield estimate for the crop, easing the supply forecast and pressure on soybean prices somewhat.
Traders also are cautiously watching the weather in South America, where soybean planting is off to a late start in Brazil and Argentina. Analysts say planting delays south of the equator could potentially prolong the U.S. soybean export season, boosting shipments of domestic supplies.
Soybeans for November delivery gained 7 1/4 cents, or 0.7%, to $9.81 a bushel at the Chicago Board of Trade.
Better soybean prices prodded the corn market higher, though gains were limited by reports of stellar corn yields and weakness in wheat. The nation's corn harvest is about half-done, and analysts say yields are improving as the fall harvest progresses.
In particular, farmers in Iowa are reporting better-than-expected crop yields, while growers in the western Corn Belt are uncovering yields that surpass even last year's bumper crop.
CBOT December corn added 2 1/2 cents, or 0.7%, to $3.48 1/4 a bushel. December wheat slipped 1/2 cent, or 0.1%, to $4.18 a bushel, the lowest closing price since Sept. 8. Later-dated contracts were flat.
Write to Jesse Newman at jesse.newman@wsj.com
(END) Dow Jones Newswires
November 01, 2017 16:01 ET (20:01 GMT)