July 12, according to media reports, Chicago soybean futures rose for the third consecutive session on Wednesday, hitting a one-week high on expectations that the U.S. Department of Agriculture will cut its crop outlook in a supply and demand report.
Corn prices were little changed, while wheat prices eased after earlier gains as investors adjusted positions ahead of the supply and demand report. The U.S. Department of Agriculture will release its monthly supply and demand forecast at midnight Beijing time on Thursday.
A weaker-than-expected improvement in soybean crop conditions on Tuesday raised doubts about whether recent rains will boost the drought-stricken crop in the Midwest.
Soybean prices remained firm ahead of tonight’s USDA report, with traders expecting pressure on the U.S. supply-demand balance due to reduced acreage and deteriorating crop conditions, consultancy Agritel said in a note.
