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CBOT crop futures settle higher ahead of key USDA report

2019-07-11 05:27

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CHICAGO, July 10 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed higher across the board on Wednesday, ahead of July's supply and demand report scheduled for release on Thursday.

The monthly report from the U.S. Department of Agriculture (USDA) will give updated forecasts for ending inventories, based on which CBOT traders can adjust their positions.

CBOT corn and wheat posted losses during the morning trade, following another USDA report on corp conditions released earlier this week, which showed improved corn and wheat conditions as of July 7.

But corn and wheat futures later reversed their downward trends and closed in the positive territory amid technical buying.

Meanwhile, CBOT soybeans ended the day with significant gains for the third straight session, as ratings for U.S. soybean crops were lowered recently and soybean inventories likely go down in Thursday's report.

At the end of Wednesday's session, the most active corn contract for December delivery was up 2.25 cents, or 0.51 percent to 4.395 U.S. dollars per bushel. September wheat was up 2 cents, or 0.4 percent to 5.0475 dollars per bushel. November soybeans were up 8.5 cents, or 0.94 percent to 9.1275 dollars per bushel.

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