The report says 94 percent of the soybeans are blooming which is six days ahead of a year ago. At the Chicago Board of Trade, the benchmark November soybean contract settled up 3 cents at $9.88 per bushel, paring gains late in the session after hitting a one-week high of $9.99-1/4.
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September Wheat delivery rose 1 cents, or 0.24%, to 4.17 bu.
Irrigation was active in many counties.
USDA monthly crop report due on Friday. Analysts surveyed by Reuters had expected a rating of 75 percent good-to-excellent. “Soybean condition was rated five-percent very poor-to-poor, 16-percent fair, 58-percent good and 21-percent excellent”, says Summa. But some US traders who had feared a larger cut viewed the figure as mildly bearish.
Meanwhile, nearby wheat futures were flat, shored up by crop shortfalls in the European Union, a major grain producer. Meanwhile, consultancy IKAR raised its estimate of Russia’s wheat crop by 1 million tonnes to 70 million.
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The most active soybean futures on the Chicago Board Of Trade rose 1.1 percent to $9.85-1/4 a bushel by 0946 GMT, having earlier climbed to a one-week peak of $9.89.”Much tighter South American supply conditions have improved US demand prospects, which is now helping to offset worries over bumper USA production”, said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
