The USDA is already forecasting a record corn crop for the season starting in September. (Alan Chin/Bloomberg)
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Corn and soybean futures rose in Chicago as stronger-than-expected demand for exports overshadowed forecasts for higher yields.
The U.S. shipped 2.8 million tons of corn in the week ended Aug. 14, double the amount a year ago and topping the most optimistic forecast from analysts compiled by Bloomberg, according to the U.S. Department of Agriculture. Sales of soybeans produced in the U.S. also beat the highest estimate, reaching 1.14 million tons.
The sunnier outlook for exports comes as the Pro Farmer Crop Tour this week is signaling stronger yields as scouts assess corn and soybean fields across the U.S. Heartland. The USDA is already forecasting a record corn crop for the season starting in September. While the soy harvest will be smaller than last year, yields are on track to hit a record.
(Bloomberg)
Traders are also awaiting progress on a possible trade deal between China and the U.S., as America has yet to sell a single cargo of soybeans to the Asian nation from the harvest that starts next month.
Soybeans also rose as soy oil futures recorded the biggest intraday gain in over two months, ahead of the U.S. Environmental Protection Agency’s expected decision on small oil refineries seeking exemptions from biofuels-blending obligations.
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Some traders reacted to a Reuters report that the Trump administration is expected to issue a rule as early as next week to seek public comment on whether large refiners should make up for the exempted gallons, said Vinicius Ito, a director at futures and options brokerage Marex Group Plc.
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