Soybean Delivery gain 0.5 percent, Corn December Gain 0.3 percent

Soybeans for November delivery gained 0.5 percent to $13.45 a bushel on the Chicago Board of Trade at 2:04 p.m. in Singapore, erasing an earlier 0.5 percent decline. The oilseed climbed 0.2 percent yesterday, halting a six-session decline.

Corn for December delivery gained 0.3 percent to $6.92 a bushel, after declining as much as 0.6 percent. Corn is the largest U.S. crop, valued at $66.7 billion in 2010, followed by soybeans at $38.9 billion, USDA data show.

Wheat for December delivery rose as much as 0.6 percent to $6.79 a bushel before trading at $6.775. Prices have slumped 14 percent this month. Corn, soybeans and wheat advanced on speculation that unfavorable weather in growing areas in the U.S., the biggest exporter, may hurt crop yields.

“Given the heavy sell-off we’ve seen even over the past week, you’ve got to start thinking that prices are looking a little over-sold at the moment and could potentially be susceptible to a rebound,” Victor Thianpiriya, an agricultural commodity analyst at Australia & New Zealand Group Ltd., said by phone from Melbourne today. “Crop conditions haven’t been good either, so that’s also price supportive.”

Rain and cool conditions may be unfavorable for corn and soybean crops in parts of the U.S. Midwest, while planting of some wheat may be delayed due to dry top soils in southern growing regions, Telvent DTN Inc. said in a bulletin yesterday.

U.S. corn and soybean crop conditions deteriorated last week and corn farmers are harvesting at a slower pace than last year after weather hindered crop maturity, the Department of Agriculture reported this week.

About 53 percent of the soybean crop was in good or excellent condition as of Sept. 18, down from 56 percent the previous week and 63 percent a year earlier, the USDA said. About 51 percent of the corn crop was in good or excellent condition, down from 53 percent a week earlier and 68 percent a year earlier, it said.
Lower Yields

Corn may advance to a record as “nervousness” about global supply returns to the market and harvest yields in the U.S. may be less than expected, Newedge USA LLC said today.

Futures may resume their rally after the U.S. harvest in October, jumping to $7.75 to $8 a bushel, as importers fight for supply and the market contends with a third year of global deficit, said Dan Cekander, director for grain research at Newedge, the world’s top futures broker by customer accounts.

Category: 2011 corn delivery, Corn, corn future, december soybean, Soybean, soybean future, Wheat, wheat prices future