Soybean and corn futures rise following monthly WASDE report.
Grain futures finished the week on a high note following the release of the monthly WASDE report. December corn futures gained 9 cents to settle at 461'0, while November soybean futures climbed 9.25 cents to close at 1190'6, nearly matching the highest weekly close of the year. While domestic yield and production figures remained unchanged, tighter-than-expected domestic and global ending stocks provided a bullish catalyst for the market. Meanwhile, South American production estimates held mostly steady, except for a 2 million metric ton upward revision to Argentina's corn crop.
Grain futures finished the week on a high note following the release of the monthly WASDE report.
December corn futures gained 9 cents to settle at 461'0, while November soybean futures climbed 9.25 cents to close at 1190'6, nearly matching the highest weekly close of the year.
While domestic yield and production figures remained unchanged, tighter-than-expected domestic and global ending stocks provided a bullish catalyst for the market.
Meanwhile, South American production estimates held mostly steady, except for a 2 million metric ton upward revision to Argentina's corn crop.