Corn ends higher despite USDA raising US yield outlook
Rewrites throughout with closing U.S. prices; adds byline
By Julie Ingwersen
CHICAGO, Sept 12 (Reuters) - Chicago Board of Trade corn futures ended higher on Thursday, rebounding from a drop to near two-week lows after the U.S. Department of Agriculture (USDA) raised its estimate of the U.S. corn crop, traders said.
Wheat futures closed fractionally lower while soybeans turned up after USDA's soy figures contained no major bearish surprises.
Benchmark CBOT December corn Cv1 settled up 1-1/4 cents at $4.06 per bushel, rallying after a dip to $3.97, the contract's lowest since Aug. 30. CBOT wheat Wv1 ended down 3/4 cent at $5.78-1/2 a bushel while soybeans Sv1 finished up 10-1/4 cents at $10.10-3/4 a bushel.
Corn futures firmed late in the session in what appeared to be technical moves, brokers said. Corn had sagged at midsessionafter the USDA in a monthly supply/demand report raised its estimate of the U.S. 2024 corn yield to a record-high 183.6 bushels per acre (bpa), from 183.1 last month. Analysts surveyed by Reuters on average had expected a slight cutafter a Midwest dry spell last month stressed crops.
The USDA forecast corn production at 15.186 billion bushels, the second-biggest harvest in history.
"The USDA bumping corn yield up a little bit wasn't really expected. It's going to catch some folks by surprise," said Angie Setzer, partner at Consus Ag Consulting.
However, she noted, traders were turning their attention to field reports as the harvest began in the heart of the Corn Belt. The USDA said the corn harvest was 5% complete by Sunday.
For soybeans, the government left its U.S. yield estimate unchanged from last month at 53.2 bpa, a record high that was in line with trade expectations.
Traders were monitoring the progress of Hurricane Francine, which barrelled across the U.S. South on Thursday, pounding the region with heavy rains and gusty winds. Several Louisiana ports and sections of the Mississippi River remained closed, affecting energy, agricultural and metals exports.
CBOT wheat futures closed fractionally lower as pressure from ample global wheat supplies offset support from escalating tensions in the vital Black Sea export region.
Ukraine accused Russia of using strategic bombers to strike a civilian grain vessel in a missile attack in waters near NATO member Romania.
Meanwhile, Egypt's state grains buyer purchased 430,000 metric tons of Russian wheat in a private deal this week outside of the traditional tender process, sources told Reuters.
Reporting by Julie Ingwersen in Chicago; additional reporting by Gus Trompiz in Paris and Mei Mei Chu in Bejing
Editing by Marguerita Choy
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