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MTECHTIPS:-Grain futures broadly higher ahead of USDA report
U.S. grain futures were broadly higher during European morning hours on Tuesday, as traders awaited the release of the U.S. Department of Agriculture’s updated weekly crop progress report later in the day to gauge how quickly the U.S. soybean and corn harvest was accelerating.The report is released a day later than usual due to Monday’s Columbus Day Holiday in the U.S.Market players also focused on the USDA’s monthly global supply and demand report scheduled for Thursday.On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD15.6488 bushel, gaining 0.9%. The November contract rose by as much as 1% earlier in the session to hit a daily high of USD15.6562 a bushel.Soybean prices have been under heavy selling pressure in recent weeks, losing nearly 13% since hitting an all-time high of USD17.8888 a bushel on September 4, as U.S. farmers started harvesting soybeans at a record pace.
U.S. grain futures were broadly higher during European morning hours on Tuesday, as traders awaited the release of the U.S. Department of Agriculture’s updated weekly crop progress report later in the day to gauge how quickly the U.S. soybean and corn harvest was accelerating.The report is released a day later than usual due to Monday’s Columbus Day Holiday in the U.S.Market players also focused on the USDA’s monthly global supply and demand report scheduled for Thursday.On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD15.6488 bushel, gaining 0.9%. The November contract rose by as much as 1% earlier in the session to hit a daily high of USD15.6562 a bushel.Soybean prices have been under heavy selling pressure in recent weeks, losing nearly 13% since hitting an all-time high of USD17.8888 a bushel on September 4, as U.S. farmers started harvesting soybeans at a record pace.
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