Chicago | Reuters – Chicago corn and soybeans futures rose on Thursday as traders squared positions before a government crop report on Friday that will include closely watched U.S. corn and soybean harvest forecasts, analysts said.
Wheat ticked higher on short covering, though swelling global supply hung over the market.
The most active soybean contract on the Chicago Board of Trade Sv1rose 8-1/4 cents to $10.33-1/2 a bushel, while CBOT corn Cv1settled 2-3/4 cents higher at $4.19-3/4 per bushel.
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The U.S. Department of Agriculture will release its monthly world supply-and-demand report on Friday, with analysts expecting cuts to U.S. soybean and corn yield forecasts after a dry end to summer.
Disappointing early corn yields have also added some support to prices, though traders cautioned that the harvest is still in its early stages.
Brisk U.S. corn exports have brought some support to the market, helping prices reach a six-week peak last week.
But a dearth of Chinese demand, due to a trade war with the United States, has dented the U.S. soybean outlook, and some analysts anticipate that the USDA will trim its 2025/26 U.S. soybean export forecast in Friday’s report.
U.S. farmers are missing out on billions of dollars in soybean sales to China halfway through their prime marketing season.
CBOT wheat Wv1 settled 6-1/2 cents higher at $5.21-1/2 per bushel.
Global supply pressure, however, will continue to weigh on wheat prices.
Consultancies IKAR and Sovecon each said on Wednesday they had further increased their estimates for Russia’s wheat harvest to around 87 million metric tons.
“Wheat can’t catch a break,” Jim Gerlach, president of A/C Trading, said. “The Russian crop and European crops got bigger. Wheat has an overproduction issue globally speaking.”
-Additional reporting by Gus Trompiz in Paris and Ella Cao and Lewis Jackson in Beijing
