Investing.com - U.S. soybean futures rose to a one-week high on Monday, as investors squared positions ahead of the U.S. Department of Agriculture’s closely-watched monthly crop supply and demand report due later in the day.
On the Chicago Mercantile Exchange, US soybeans for January delivery hit a session high of $10.4388 a bushel, the most since November 3.
Prices of the oilseed traded at $10.4213 a bushel during U.S. morning hours, up 4.72 cents, or 0.46%.
Meanwhile, US corn for December delivery traded at $3.6663 a bushel, up 0.3 cents, or 0.01%.
Market analysts expect the USDA to boost its soybean harvest outlook and lift its corn forecast after generally favorable weather in the U.S. Midwest in recent weeks allowed farmers to accelerate the pace of the harvest.
According to the USDA, approximately 83% of the U.S. soy harvest was completed as of November 2, up from 70% in the preceding week and in line with the five-year average for this time of year.
Nearly 65% of the U.S. corn harvest was completed as of last week, improving from 46% a week earlier and just 8% below the five-year average of 73% for this time of year, according to the USDA.
The USDA in October estimated this fall's U.S. soybean harvest at a record 3.927 billion bushels, while the U.S. corn harvest was expected to reach an all-time high of 14.47 billion bushels.
Elsewhere on the CBOT, US wheat for December delivery shed 1.73 cents, or 0.34%, to trade at $5.1288 a bushel.
Prices of the grain fell to a session low of $5.1138, the weakest level since October 27, as indications of declining demand for U.S. supplies weighed.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.