Investing.com - U.S. grain futures were broadly higher during European morning hours on Tuesday, as traders awaited the release of the U.S. Department of Agriculture’s updated weekly crop progress report later in the day to gauge how quickly the U.S. soybean and corn harvest was accelerating.
The report is released a day later than usual due to Monday’s Columbus Day Holiday in the U.S.
Market players also focused on the USDA’s monthly global supply and demand report scheduled for Thursday.
On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD15.6488 bushel, gaining 0.9%. The November contract rose by as much as 1% earlier in the session to hit a daily high of USD15.6562 a bushel.
Soybean prices have been under heavy selling pressure in recent weeks, losing nearly 13% since hitting an all-time high of USD17.8888 a bushel on September 4, as U.S. farmers started harvesting soybeans at a record pace.
Approximately 41% of the U.S. soy crop was harvested as of October 1. Only 15% of the crop was harvested in the same week a year earlier.
Soy traders were also starting to focus on soybean production in Brazil and Argentina, the world’s second and third largest exporters of the oilseed.
Agricultural meteorologists predicted moderate to heavy rains in grain-growing regions in Brazil and Northern Argentina later this week, potentially boosting yields and upgrading the quality of the harvest.
Meanwhile, corn futures for December delivery traded at USD7.4562 a bushel, adding 0.55%. The December contract rose by as much as 0.6% earlier to hit a session high of USD7.4588 a bushel.
Corn prices have been under pressure in recent weeks, after data showed the U.S. corn harvest was accelerating at a faster rate than anticipated.
Nearly 54% of the U.S. corn crop was harvested as of October 1, significantly higher than the 18% recorded in the same week a year earlier. The five-year average for this time of year is 20%.
Corn prices touched a record high of USD8.4237 a bushel on August 10, as escalating concerns over the impact of the worst drought in at least 56 years in the U.S. Midwest and Great Plains-region drove prices higher.
Elsewhere, wheat for December delivery traded at USD8.6975 a bushel, climbing 1%. The December contract rose by as much as 1.1% earlier to hit a daily high of USD8.6988 a bushel.
Wheat prices continued to draw support from concerns over a disruption to supplies from top producers Russia and Australia. The two countries are the world’s second and third largest exporters of the grain, trailing only the U.S.
Corn is the biggest U.S. crop, valued at USD66.7 billion in 2010, followed by soybeans at USD38.9 billion, government figures show. Wheat was fourth at USD13 billion, behind hay.
The report is released a day later than usual due to Monday’s Columbus Day Holiday in the U.S.
Market players also focused on the USDA’s monthly global supply and demand report scheduled for Thursday.
On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD15.6488 bushel, gaining 0.9%. The November contract rose by as much as 1% earlier in the session to hit a daily high of USD15.6562 a bushel.
Soybean prices have been under heavy selling pressure in recent weeks, losing nearly 13% since hitting an all-time high of USD17.8888 a bushel on September 4, as U.S. farmers started harvesting soybeans at a record pace.
Approximately 41% of the U.S. soy crop was harvested as of October 1. Only 15% of the crop was harvested in the same week a year earlier.
Soy traders were also starting to focus on soybean production in Brazil and Argentina, the world’s second and third largest exporters of the oilseed.
Agricultural meteorologists predicted moderate to heavy rains in grain-growing regions in Brazil and Northern Argentina later this week, potentially boosting yields and upgrading the quality of the harvest.
Meanwhile, corn futures for December delivery traded at USD7.4562 a bushel, adding 0.55%. The December contract rose by as much as 0.6% earlier to hit a session high of USD7.4588 a bushel.
Corn prices have been under pressure in recent weeks, after data showed the U.S. corn harvest was accelerating at a faster rate than anticipated.
Nearly 54% of the U.S. corn crop was harvested as of October 1, significantly higher than the 18% recorded in the same week a year earlier. The five-year average for this time of year is 20%.
Corn prices touched a record high of USD8.4237 a bushel on August 10, as escalating concerns over the impact of the worst drought in at least 56 years in the U.S. Midwest and Great Plains-region drove prices higher.
Elsewhere, wheat for December delivery traded at USD8.6975 a bushel, climbing 1%. The December contract rose by as much as 1.1% earlier to hit a daily high of USD8.6988 a bushel.
Wheat prices continued to draw support from concerns over a disruption to supplies from top producers Russia and Australia. The two countries are the world’s second and third largest exporters of the grain, trailing only the U.S.
Corn is the biggest U.S. crop, valued at USD66.7 billion in 2010, followed by soybeans at USD38.9 billion, government figures show. Wheat was fourth at USD13 billion, behind hay.