Follow-through buying lifts CBOT corn
USDA reported lower-than-expected corn stocks Friday
U.S. soybean harvest progress exceeds expectations
CHICAGO, Oct 3 (Reuters) - Chicago Board of Trade wheat
futures settled lower on profit-taking on Monday after
approaching a three-month high reached during the previous
session, traders said.
The setback in wheat futures came after a reduced official
estimate of the U.S. harvest and heightened tensions in the
Ukraine war put renewed attention on global supply risks.
Soybean futures, meanwhile, ended higher after falling
to their lowest in about two months earlier in the session and
dropping on Friday, when the U.S. Department of Agriculture
issued data on quarterly stocks.
"Prices have stabilized a bit after the sharp price break
Friday," said Tomm Pfitzenmaier, analyst for Summit Commodity
The most-active CBOT wheat contract closed down
9-1/2 cents at $9.12 per bushel after rising as high as
$9.38-3/4. On Friday, the contract reached $9.45-3/4, its
highest price since June 29.
CBOT corn finished 3-1/4 cents stronger at
$6.80-3/4 per bushel. Soybeans closed 9-1/4 cents higher
at $13.74 per bushel, after falling earlier to $13.61-1/4, its
lowest price since Aug. 4.
The U.S. Department of Agriculture said on Friday the 2022
U.S. wheat harvest was smaller than previously forecast and cut
its crop assessment below analysts' expectations to 1.650
In a separate quarterly stocks report, the USDA on Friday
reported U.S. corn inventories were below analysts' expectations
and soybean inventories topped estimates. The
larger-than-expected soybean stocks added pressure to a soy
market already under pressure from competition from South
After the close of trading on Monday, weekly USDA data
showed the U.S. corn harvest was 20% complete and soybeans were
22% harvested. Analysts were expecting harvests to be 22%
complete for corn and 20% done for soybeans.
"An adequate U.S. soybean crop along with an expected and
potentially record large South American crop will make it
difficult for soybeans to maintain rallies," Pfitzenmaier said.
(Reporting by Tom Polansek in Chicago, Gus Trompiz in Paris and
Naveen Thukral in Singapore; Editing by Marguerita Choy and