Chicago Close: Corn, Soys Higher Ahead of USDA Acreage Report

Corn and wheat futures both posted good gains to open the week, while soybeans were modestly higher on the day.

Corn was boosted by shot covering ahead of tomorrow’s updated USDA acreage report, which is expected to show a decline from original planting intentions of 97 million acres. Ideas of Chinese export demand also helped to underpin the corn market as did the return of dry weather in large portions of the eastern Corn Belt. Today’s seven-day rainfall accumulation forecast also shows a much drier week for most of the entire Corn Belt. September and December corn both gained 9 ½ cents to settle at $3.28 ¾ and $3.34 ¾, respectively.

Soybeans managed small gains, with traders expecting tomorrow’s acreage report to swing some of the lost corn acres over to soybeans. August beans were 1 ½ cents higher at $8.61 ½ and November was up a ¼ cent at $8.61 ½.

Wheat rebounded after suffering hefty losses the previous week. However, the advancing US winter wheat harvest limited the gains. September Chicago wheat added 10 ¾ cents to $4.86 ½, September Kansas City was up 8 ¾ cents to $4.36 ½ and September Minneapolis gained a penny to $5.09 ¾.

Live cattle and lean hog futures were both higher today.

Source: DePutter Publishing Ltd.

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