Soy, corn futures rally as USA reports smaller-than-expected stockpiles

Grain futures market update

Rains worsens already slow pace of 2019 harvest

The most-active corn contract was up 3.3% at $3.83-3/4 a bushel. Corn stocks were 2.114 billion bushels, the USDA said, below projections for 2.428 billion and down 1% from a year ago.

Soybeans also rose on smaller than expected stockpile. "The dollar remains in a strong trend around two-year highs, which is a burden for US exports".

Soybeans rose on renewed optimism about Chinese demand for USA supplies of the oilseed.

USDA positioned wheat shares at 2.38 billion bushels vs. the average commerce estimate at 2.318 billion.

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CBOT wheat futures eased in a turnaround from a seven-week high on Monday and were down 0.9% at $4.91-1/2 a bushel.

Also adding some support was the continued delays in harvesting, though the USDA report on Monday largely met expectations for soybeans. For soybeans, shares have been lowered with a revision from 2018 bean manufacturing.

Most actively traded soybean futures ended up 2.4% at $9.06 a bushel at the Chicago Board of Trade. This news has also given the United States grain futures markets some support to start the week. Chinese buyers have recently made a string of purchases, though, including up to 600,000 tonnes on Monday, according to traders.

Corn futures went down on disappointing weekly export data. For soybeans, shares have been pegged at 913 million bushels vs. the current trade estimate of 982 million bushels. Farmers welcomed the rallies after crop prices plunged last month when the federal agency estimated that this autumn's harvests will be larger than many projected.

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Here's a closer look at spring wheat, corn and soybeans, the region's three major crops.

Private traders on Friday reported to the U.S. Department of Agriculture sales of 126,000 metric tons of soybeans to China for delivery in the 2019/2020 marketing year.

"Soybeans, corn and wheat markets are all seeing a pullback today with some profit taking and re-positioning after their strong rises this week", said Matt Ammermann, commodity risk manager at INTL FCStone.

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