Corn futures jumped more than 2 percent while soybeans notched more modest gains in the wake of the monthly USDA supply and demand report at midday. The agency also lowered its forecasts for U.S. corn and soy ending stocks for the 2018/19 crop year that begins on Sept.1.
The most active corn contract for July delivery rose 10.25 cents, or 2.79 percent to close at 3.775 dollars per bushel. July wheat delivery added 20 cents, or 3.89 percent to close at 5.345 dollars per bushel. July soybean delivery went up 0.25 cent, or 0.03 percent to close at 9.54 dollars per bushel.
In the meantime, USDA lowered its rating for the U.S. crops, likely amid excessive rainfall in some parts of the Midwest.
The U.S. corn crop was rated 77 percent good or excellent as of Sunday, down from 78 percent a week earlier, according to the U.S. Department of Agriculture (USDA). About 94 percent of the crop had emerged.
About 74 percent of soybeans earned top ratings, also down 1 percentage point from the prior week. About 83 percent of U.S. soybeans had emerged as of Sunday, the USDA said.