Soybean futures at the Chicago Board of Trade recovered on Tuesday, September 29, after sliding to a four-week low the previous day, supported by traders' bargain-hunting, as the market turned its attention to the release of U.S. agricultural stocks data and rainy weather that is hampering harvest progress in the Midwest. The November soybean contract rose 9.50 cents, or 0.74%, to close at $12.9775 a bushel. The December wheat contract rose 4.00 cents, or 0.58%, to close at $6.9275 a bushel, while the December corn contract fell 1.00 cent, or 0.19%, to close at $5.2200 a bushel. Earlier, on Monday, September 28, soybean prices fell sharply on disappointment over the outcome of the summit between the United States and China, but the lower prices prompted investors to step in and bargain-hunt before the U.S. Department of Agriculture, or USDA, releases its quarterly agricultural stocks report on Wednesday, September 30. Traders were also adjusting positions ahead of the end of the month and the end of the quarter. Weather forecasters expect continued rain to delay the harvest through next week, and analysts warned of the risk that the rain could damage crops and cause seeds to sprout in the pods. The USDA reported after the grain markets closed on Monday that U.S. farmers had harvested 17% of the soybean crop and 18% of the corn crop as of Sunday, September 27, which, although in line with the five-year average, was still below analysts' expectations of 20% for both crops, with several states, including Iowa, behind schedule in harvest progress.
Soybeans rebounded on bargain-hunting and rainy weather hampering Midwest harvest progress, with harvest pace below expectations.
Rainy Midwest weather delaying harvest and risking crop damage supports wheat futures alongside the grain complex.
