CHICAGO: US soybean futures rebounded from early-session lows on Thursday after the Department of Agriculture (USDA) said American farmers planted fewer acres this year than market analysts had forecast ahead of an annual acreage report.
Gains, however, were limited as the agency reported quarterly soybean stocks in line with trade estimates and said it will resurvey growers on acreage in some northern states after wet spring weather delayed field work.
Corn and wheat futures fell to multi-month lows as grain stocks in a quarterly USDA report were in line with trade expectations and plantings topped consensus estimates.
Following the release of the closely watched data, grain traders began shifting their focus back to largely favourable crop weather around the US Midwest farm belt and concerns about demand.
“Tightening soybean stocks and potentially expanding corn and wheat stocks are sending grains lower and lending some support to beans,” said Terry Reilly, senior commodities analyst with Futures International.
Chicago Board of Trade August soybeans were up 8-3/4 cents to $16.83 a bushel by 12:18 p.m. CDT (1718 GMT) while new-crop November soybeans were down 2-3/4 cents at $14.75-1/2 a bushel.
September corn futures fell 27 cents to $6.37 a bushel, the lowest level since March 4, while new-crop December corn shed 28-1/4 cents to $6.25-1/2 a bushel. CBOT September wheat was down 35-1/4 cents at $8.94-3/4 a bushel, a four-month low.