U.S. soybeans edge higher after plunging 3.5% on Monday

Investing.com - U.S. soybean futures edged higher on Tuesday, one day after posting its biggest daily loss since June after the U.S. Department of Agriculture projected a record-high harvest.

On the Chicago Mercantile Exchange, US soybeans for March delivery tacked on 4.23 cents, or 0.42%, to trade at $10.2063 a bushel during U.S. morning hours.

A day earlier, US soybeans for March delivery plunged 36.2 cents, or 3.44% to settle at $10.1600.

The USDA said that U.S. farmers harvested 3.969 billion bushels of soybeans last year on yields of 47.8 bushels an acre, both all-time highs.

Meanwhile, US corn for March delivery traded at $4.0313 a bushel, up 0.72 cents, or 0.18%. Prices held in a narrow range between $4.0163 and $4.0588 a bushel.

On Monday, US corn for March delivery inched up 1.6 cents, or 0.44%, after the USDA lowered its estimate for the size of last year’s crop.

The U.S. harvest totaled 14.216 billion bushels on yields of 171 bushels an acre, down from its previous estimate of 14.407 billion bushels on yields of 173.4 bushels an acre made in November.

The agency also said that corn inventories at the end of the 2014-15 season will total 1.877 billion bushels, down from last month’s forecast of 1.998 billion bushels.

Elsewhere on the Chicago Board of Trade, US wheat for March delivery advanced 3.98 cents, or 0.72%, to trade at $5.5938 a bushel.

The March wheat contract slumped to $5.5400 on Monday, a level not seen since November 25, before closing at $5.5540, down 8.2 cents, or 1.46%.

The USDA forecast domestic reserves this spring at 687 million bushels, up from last month’s forecast of 654 million.

According to the agency, wheat inventories at the start of last month totaled 1.525 billion bushels, 3% higher from the same date in 2013.

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