CBOT corn rallies to 3-month-plus high on US stockpiles estimates
U.S. stockpiles of grains and soybeans reached four-year highs
USDA report fell short of analysts' expectations
Wheat firms, poor harvest weather in view
New throughout with latest prices and bullets, adds quotes, changes byline, previous HAMBURG/CANBERRA
By P.J. Huffstutter
CHICAGO, Sept 30 (Reuters) - Chicago Board of Trade corn futures Cv1 rallied to a more than three-month high on Monday on news of massive U.S. corn stocks that still fell short of trade expectations, market analysts said.
Corn stocks were 1.76 billion bushels as of Sept. 1, up 29% from a year earlier and reaching a four-year high, the U.S. Department of Agriculture said in a quarterly report released early on Monday.
But analysts had expected 1.844 billion bushels of corn, a Reuters poll showed.
Market analysts said USDA's report appeared to reflect stronger-than-expected grain demand, include recent corn export demand from Mexico.
"I think in the big picture, the ending stocks on corn are getting smaller, not larger. So that means you balance back to the upside, not the downside," said Don Roose, president of U.S. Commodities Inc in West Des Moines, Iowa.
CBOT most-active corn Cv1 rose 1.56% to $4.24-1/2 a bushel at 1750 GMT. Earlier in the session, the contract touched a high of $4.27-3/4 a bushel, the highest price since June 28.
The USDA's September quarterly grain stocks estimates and annual small grains reports was expected to show some of the biggest U.S. inventories in four years. But the September stock estimate report has often surprised markets .
CBOT wheat futures Wv1 rose 0.82% to $5.84-3/4 a bushel, gaining support from poor crop weather conditions in some regions.
And CBOT soybean futures Sv1 had choppy day of trading. They were down 0.52% at $10.60-1/4 a bushel, after USDA reported that Sept. 1 soybean stocks rose sharply from a year earlier. Like corn, soybean stocks also were below trade expectations.
Soybeans hit their highest price in two months on Friday as Hurricane Helene damaged crops and infrastructure in the U.S. Gulf Coast region.
Additional reporting by Renee Hickman in Chicago, Michael Hogan in Hamburg and Peter Hobson in Canberra; Editing by Sherry Jacob-Phillips, Eileen Soreng and Richard Chang
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