The USDA trimmed domestic production forecasts for both corn and soybeans below average market expectations, prompting rapid price recoveries. Although the agency raised its harvest outlook for South American corn, reduced U.S. carryout projections dominated market sentiment. Consequently, benchmark soybean contracts posted their strongest single-day performance in four months, while corn recovered from a multi-month low set earlier in the week.
Key points
Government supply reductions triggered a sharp reversal in commodity prices that had tren…: Government supply reductions triggered a sharp reversal in commodity prices that had trended near multi-month lows.
Analysts incorrectly anticipated a rise in soybean ending stocks before the agency cut re…: Analysts incorrectly anticipated a rise in soybean ending stocks before the agency cut reserves by 15 million bushels.
Wheat gains were constrained by projections of expanded international production emerging…: Wheat gains were constrained by projections of expanded international production emerging from the southern hemisphere.
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* USDA projects US corn, soy harvests and end-of-season stocks below trade expectations
* Forecasts spark rally in corn and soybeans after prolonged decline
* Wheat follows corn and soy higher, but gains tempered by higher global supply outlook
By Karl Plume
CHICAGO, - US soybeans surged on Tuesday after the US Department of Agriculture raised its US harvest outlook by less than expected in a monthly report and projected tighter supplies in the year ahead.
Corn futures also rallied as the USDA cut its US production and stocks forecasts by more than expected. Wheat futures followed corn and soybeans higher, though gains were limited by expectations for larger global supplies due to big crops in the southern hemisphere.
Corn and soybean markets rebounded sharply after a prolonged slide since late September dragged prices to multi-month lows. The USDA surprised traders last month by raising its US corn harvest outlook despite adverse weather in parts of the Midwest this summer while also forecasting a record-large soybean crop.
The USDA's US soy production forecast on Tuesday was 23 million bushels below…
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