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Soybeans, corn draw support from U.S. harvest delays

Published 10/23/2014, 06:06 AM
Soybeans futures trade near 5-week high on U.S. harvest delays
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Investing.com - U.S. soybean and corn prices edged higher on Thursday, as a slowdown in the U.S. harvest last week continued to support prices.

On the Chicago Mercantile Exchange, US soybeans for November delivery rose 4.12 cents, or 0.43%, to trade at $9.6613 a bushel during U.S. morning hours.

Prices of the oilseed rallied to $9.8240 on Wednesday, the most since September 18, before turning lower to settle at $9.6260, down 1.4 cents, or 0.165.

According to the U.S. Department of Agriculture, approximately 53% of the U.S. soy harvest was completed as of October 19, compared to the five-year average of 66% for this time of year.

Meanwhile, US corn for December delivery traded at $3.5363 a bushel, up 1.23 cents, or 0.35%.

A day earlier, corn futures rose to $3.6100, the most since September 3, before settling at $3.5300, down 3.0 cents, or 0.84%.

Nearly 31% of the U.S. corn harvest was completed as of last week, below the five-year average of 53% for this time of year, according to the USDA.

Elsewhere on the CBOT, US wheat for December delivery advanced 2.27 cents, or 0.44%, to trade at $5.2388 a bushel.

Prices of the grain hit $5.2860 on Wednesday, the highest since September 10, before closing at $5.2220, up 3.0 cents, or 0.58%.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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