October 1, 2019 / 5:31 AM / 2 months ago

GRAINS-Soybeans hit more than 2-month high on USDA stocks estimate

    * Soybeans hit July 29 high of $9.08-1/2 a bushel 
    * Corn falls after 4% rally on Monday
    * Wheat firms, lingers near 6-week high 

    By Colin Packham
    SYDNEY, Oct 1 (Reuters) - U.S. soybean futures held steady on Tuesday, having hit a more than
two-month high earlier, as the U.S. Department of Agriculture surprised the market with
smaller-than-expected forecasts for inventories.
    Corn retreated after rising 4% on Monday and edged lower, while wheat rose to linger near a six-week
top touched in the previous session.
    The most active soybean futures on the Chicago Board Of Trade were up 0.1% at $9.07-1/4 a
bushel, as of 0448 GMT, near the session peak of $9.08-1/2 a bushel — the highest since July 29. Soybeans
firmed 2.6% on Monday.
    "The spark here also came from the USDA lowering U.S soybean inventory estimates," said Tobin Gorey,
director of agricultural strategy, Commonwealth Bank of Australia.
    The USDA estimated U.S. soybean supplies as of Sept. 1 at 913 million bushels, below the average
estimate for 982 million. Soy stocks, however, were up 108% from the same point last year, largely due to
the drop in U.S. exports to China. 
    Also adding some support was the continued delays in harvesting, though the USDA report on Monday
largely met expectations for soybeans.
    The most active corn futures were down 0.2% at $3.87-1/4, having gained 4.4% in the previous
session when prices hit their highest since Aug. 12 at $3.88-1/4 a bushel.
    Corn stocks were at 2.114 billion bushels, the USDA said, below projections for 2.428 billion and down
1% from a year ago. Wheat stocks were slightly above expectations at 2.385 billion bushels.
    The fall in corn futures also came despite the USDA pegging the pace of harvesting below market
expectations.
    The USDA said 11% of the U.S. corn crop has been harvested, behind forecasts of 14%.
    The most active wheat futures were up 0.4% at $4.97-1/2 a bushel, having closed up 1.7% on
Monday when prices hit a Aug. 12 high of $5.01 a bushel.
    
 Grains prices at  0448 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   497.50     1.75    +0.35%       +2.10%  477.79    71
 CBOT corn    387.25    -0.75    -0.19%       +4.24%  368.93    76
 CBOT soy     907.25     1.25    +0.14%       +2.75%  878.97    69
 CBOT rice     11.97   -$0.05    -0.42%       -1.56%  $11.91    48
 WTI crude     54.57    $0.50    +0.92%       -2.40%  $56.39    37
 Currencies                                                       
 Euro/dlr     $1.089  -$0.001    -0.08%       -0.45%              
 USD/AUD      0.6726   -0.002    -0.34%       -0.58%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; editing by Uttaresh.V)
  
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