USDA anticipated to boost U.S. corn crop forecast
Soybeans agency, wheat flat
Recasts with continued corn power in European commerce, remark
HAMBURG, July 12 (Reuters) – U.S. corn futures rose on Monday following heavy falls final week as merchants readied for a closely-watched world provide and demand report from the U.S. Division of Agriculture (USDA) due afterward Monday.
Forecasts of hotter U.S. climate additionally supported corn. Soybeans had been agency and wheat was little modified.
Chicago Board of Commerce’s most lively corn contract Cv1 rose 0.9% to $5.22 a bushel at 1044 GMT, having fallen 12% final week as rain and average temperatures had been seen as helpful for corn crops within the U.S. Midwest.
Soybeans Sv1 rose 0.1% to $13.31 a bushel, wheat Wv1 was flat at $6.15 a bushel.
The USDA’s world provide and demand report scheduled at 1600 GMT on Monday is anticipated to forecast an elevated U.S. corn harvest however a smaller U.S soybean crop.
Estimates of smaller U.S. corn and soybean inventories are additionally anticipated from the USDA.
“Individuals are squaring away forward of the USDA report,” stated Phin Ziebell, agribusiness economist at Nationwide Australia Financial institution. “Individuals are on the lookout for path and the USDA will present that.”
Merchants additionally famous sturdy Asian import demand for corn, with three South Korean teams issuing separate corn import tenders on Monday. GRA/TEND
“Import demand for corn is seen right now,” one European dealer stated. “However the USDA stories so usually present fireworks and the USDA is firmly within the centre of consideration.”
“Corn can be receiving assist from forecasts of hotter U.S. Midwest climate.”
Soybeans drew assist from demand for U.S. exports, together with current gross sales to Mexico.
Saudi Arabia purchased a hefty 505,00Zero tonnes of wheat in a world tender on Monday at a mean worth of $287.00 a tonne c&f. This was sharply down from the $299.55 common worth paid in its earlier tender in Might.
(Reporting by Michael Hogan in Hamburg and Colin Packham in Canberra, modifying by David Evans)
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