Chicago Close: U.S. Crop Futures Higher in Pre-USDA trade

Corn and soybean futures markets are on tenterhooks. A monthly supply-demand report from the USDA set for release at 12 pm EST Thursday is expected to cut 2019-20 ending stocks forecasts. Question is, how low will they go?

The trade is expecting the U.S. corn yield and production forecasts to be revised down from last month to 164.0 bu/acre and 13.39 billion bu, respectively. U.S. soybean yields and production are seen at 48.4 bu/acre and 3.87 billion bu, also down from the forecasts released in June.

Today August soybeans gained 8 1/2 cents at $8.94 1/2 and November was up 8 1/2 cents at $9.12 3/4.

Corn was modestly higher, gaining some support from uncertain 2019 production prospects. September corn rose 2 1/2 cents to $4.35 and December gained 2 1/4 cents at $4.39 1/4.

Thursday’s won’t bring any important new data for the wheat market. However, pre-report positioning still provided recently-weak wheat futures with a break from harvest pressure. September Chicago wheat added 2 cents at $5.04 3/4, September Kansas City added 2 1/4 cents at $4.41 1/2 and September Minneapolis gained 1 1/2 cents to $5.28.

Live cattle futures took a rest to consolidate Tuesday’s sharp gains. On the other hand, lean hogs continued higher.

Source: DePutter Publishing Ltd.

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