Investing.com – Grain futures were mixed on Monday, as markets awaited the release of a key monthly U.S. government report on U.S. and global grain supplies.
On the Chicago Mercantile Exchange, wheat futures for December delivery traded at USD7.2913 a bushel during European morning trade, edged 0.07% higher.
Meanwhile, corn for December delivery shed 0.25% to trade at USD7.3475 a bushel, while soybeans for November delivery eased up 0.13% to trade at USD14.2850 a bushel.
The U.S. Department of Agriculture was to release its closely-watched monthly supply and demand report on U.S. and global grain inventories later in the day.
The data could show that global wheat inventories fell to 188.9 million tons, the lowest since the 2007-08 season, as adverse weather conditions across key wheat-growing regions in the U.S. and Europe weighed on global output.
Global corn supplies for the 2011-12 marketing season were expected to total 636 million bushels, down 11% from last month’s USDA estimate and the lowest since the 1995-96 season.
U.S. corn stockpiles were expected to come in at 12.51 billion bushels, 3.1% lower from last month’s estimate, as severe drought conditions across most of the southern U.S. Great Plains damaged the quality of the harvest and reduced yields.
Hot summer weather and lack of rain were also likely to weigh on the U.S. soybean crop. U.S. farmers were expected to harvest 3.03 billion bushels of soybeans, down 1% from the USDA’s outlook in August and 9% lower than 2010 production levels.
Agribusiness financial service provider Rabobank said in a report earlier that it expected global grain supplies to remain tight in the 2011-12 marketing season, adding that the size of the crops will be further downgraded in future USDA reports, citing a smaller-than-expected Autumn harvest in 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.
On the Chicago Mercantile Exchange, wheat futures for December delivery traded at USD7.2913 a bushel during European morning trade, edged 0.07% higher.
Meanwhile, corn for December delivery shed 0.25% to trade at USD7.3475 a bushel, while soybeans for November delivery eased up 0.13% to trade at USD14.2850 a bushel.
The U.S. Department of Agriculture was to release its closely-watched monthly supply and demand report on U.S. and global grain inventories later in the day.
The data could show that global wheat inventories fell to 188.9 million tons, the lowest since the 2007-08 season, as adverse weather conditions across key wheat-growing regions in the U.S. and Europe weighed on global output.
Global corn supplies for the 2011-12 marketing season were expected to total 636 million bushels, down 11% from last month’s USDA estimate and the lowest since the 1995-96 season.
U.S. corn stockpiles were expected to come in at 12.51 billion bushels, 3.1% lower from last month’s estimate, as severe drought conditions across most of the southern U.S. Great Plains damaged the quality of the harvest and reduced yields.
Hot summer weather and lack of rain were also likely to weigh on the U.S. soybean crop. U.S. farmers were expected to harvest 3.03 billion bushels of soybeans, down 1% from the USDA’s outlook in August and 9% lower than 2010 production levels.
Agribusiness financial service provider Rabobank said in a report earlier that it expected global grain supplies to remain tight in the 2011-12 marketing season, adding that the size of the crops will be further downgraded in future USDA reports, citing a smaller-than-expected Autumn harvest in 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.