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GRAINS-Soybeans, corn rise as rain to delay U.S. Midwest harvest
October 14, 2013 / 11:20 AM / 4 years ago

GRAINS-Soybeans, corn rise as rain to delay U.S. Midwest harvest

* Rains to stall harvest through Wednesday, frost possible
    * Soybeans rise from 20-month low, corn up from 37-month low

 (Updates with closing prices, fund buying totals)
    By Karl Plume
    CHICAGO, Oct 14 (Reuters) - U.S. soybean futures rebounded
from a 20-month low on Monday and corn rose slightly from a
37-month low as rain was expected to stall the Midwest harvest
this week followed by frigid weather which could damage crops in
some areas.
    Prices for both commodities, however, remain anchored by
expectations for massive U.S. crops this year. U.S. Department
of Agriculture crop reports are not available due to the partial
government shutdown but investors are still receiving a steady
stream of private reports suggesting corn and soy yields are as
large or larger than anticipated.
    "The rains in the west today and tomorrow are heading east
Tuesday and Wednesday. That will provide a shortened week for
harvest," said Rich Nelson, chief strategist with Allendale Inc.
    "Some people are also concerned about the frost expected to
hit much of the northern third of the Corn Belt on Friday and
Saturday," he said.
    Storms are expected to bring moderate rainfall to 50 percent
of the Corn Belt through midweek followed by a drop in
temperatures, forecasters said. 
    Most corn and soybean plants are already mature enough that
frost would do little damage, but late-developing crops could
experience some yield or quality losses.
    Chicago Board of Trade November soybeans rose 6-1/4
cents, or 0.5 percent, to $12.73 per bushel after earlier
sinking as low as $12.61-3/4, the lowest spot price since
February 2012.
    Prices were further supported by persistent demand from
China, the world's top soybean importer. 
    CBOT December corn added 3-3/4 cents, or 0.9 percent,
at $4.37 a bushel after earlier hitting a low of $4.32, the
lowest spot price since September 2010.
    Commodity funds bought an estimated net 5,000 corn contracts
and 3,000 soybean contracts on the day, trade sources said.
    The USDA will not provide an update on harvest progress for
a second consecutive week due to the government shutdown.
Analysts estimated that the U.S. corn harvest was about 31
percent complete as of Sunday and the soybean harvest was 45
percent complete, a Reuters poll showed. 
    U.S. wheat futures closed near previous levels, capped by
profit taking following last week's 3-1/2 month peaks.
    Wheat prices remained underpinned by strong export demand
and concerns about reduced crops and wheat quality in South
America and the Black Sea region.
    CBOT December wheat rose 1/4 cent to $6.92-1/2 a
 Prices at 2:05 p.m. CDT (1905 GMT)      
                              LAST      NET    PCT     YTD
                                        CHG    CHG     CHG
 CBOT corn                  437.00     3.75   0.9%  -37.4%
 CBOT soy                  1273.00     6.25   0.5%  -10.3%
 CBOT meal                  423.20     1.20   0.3%    0.6%
 CBOT soyoil                 40.19     0.08   0.2%  -18.2%
 CBOT wheat                 692.50     0.25   0.0%  -11.0%
 CBOT rice                 1515.50     4.00   0.3%    2.0%
 EU wheat                   198.75    -0.50  -0.3%  -20.6%
 US crude                   102.29     0.27   0.3%   11.4%
 Dow Jones                  15,288       51   0.3%   16.7%
 Gold                      1277.26     4.64   0.4%  -23.7%
 Euro/dollar                1.3565   0.0024   0.2%    2.8%
 Dollar Index              80.2960  -0.0660  -0.1%    0.7%
 (Additional reporting by Gus Trompiz in Paris and Naveen
Thukral in Singapore; Editing by Marguerita Choy)

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