* Soy up 1.3 pct, expiring contract supported by commercial
* Corn flat with big crop expected in USDA report on Friday
* Wheat mixed: CBOT edges higher; KCBT, MGEX contracts
By Mark Weinraub
CHICAGO, Nov 7 U.S. soybean futures rose on
Thursday, hitting a one-week high on strength in the cash
markets, signs of strong export demand and spillover support
from a rally in soymeal prices, traders said.
Corn and wheat futures were soft and mixed, respectively,
with traders squaring positions ahead of long-awaited U.S.
Agriculture Department production and supply and demand reports.
Slow country movement of soybeans as the harvest wound down
helped prices rebound from a 21-month low hit on Tuesday.
"With the farmer off of two or three years of record income,
he is in a position where he is able to store a lot of crop,"
said Greg Grow, director of agribusiness at brokerage Archer
Financial Services. "As we approach the end of harvest and the
farmer is not content with the price, there is a little bit of a
need to bid up the cash market to find levels where farmers are
Analysts expect the government to raise its estimate for the
2013 U.S. corn harvest to a new record and to show a tripling of
U.S. ending stocks in Friday's crop report, the first in two
months due to the partial government shutdown in October.
CBOT soybeans for January delivery settled 11-1/2
cents higher at $12.66-1/2 a bushel. The front-month November
contract, which expires next week, was up 15-3/4 cents at
$12.78-3/4 a bushel.
Traders said front-month soybeans, which posted their
biggest gain in percentage terms in three weeks, were receiving
extra support from heavy commercial stopping of deliveries.
CBOT December corn ended down 3/4 cent at $4.20-1/2 a
bushel. Corn futures hit their lowest since Aug. 26, 2010 during
"The American farmer has literally watched all their margins
for December 2013, 2014 and 2015 corn vanish," said Tom Grisafi,
president of agricultural advisory service Trade the Farm LLC.
"It was over the last month."
USDA said on Thursday morning that export sales of corn were
1.72 million tonnes in the latest reporting week, topping
forecasts for 1 million to 1.3 million tonnes. Soybean export
sales of 1.04 million were near the high end of expectations for
800,000 to 1.1 million tonnes.
CBOT soft red winter wheat for December delivery was
1/4 cent lower at $6.53 a bushel while KCBT December hard red
winter wheat dropped 4 cents to $7.12-1/2 a bushel and
MGEX December spring wheat was down 2-3/4 cents at
$7.09-1/2 a bushel.
Prices at 2:03 p.m. CST (2003 GMT)
LAST NET PCT YTD
CHG CHG CHG
CBOT corn 420.50 -0.75 -0.2% -33.1%
CBOT soy 1278.75 15.75 1.3% -8.3%
CBOT meal 403.80 7.00 1.8% 9.0%
CBOT soyoil 40.74 -0.40 -1.0% -29.4%
CBOT wheat 653.00 -0.25 0.0% -17.8%
CBOT rice 3 1568.00 13.50 0.9% 12.0%
EU wheat 203.00 1.00 0.5% -19.6%
US crude 94.42 -0.39 -0.4% 3.3%
Dow Jones 15,642 -105 -0.7% 35.1%
Gold 1304.76 -13.03 -1.0% -8.1%
Euro/dollar 1.3425 -0.0085 -0.6% 0.6%
Dollar Index 80.7810 0.2980 0.4% 2.2%
Baltic Freight 1593 -9 -0.6% -10.2%
In U.S. cents, benchmark contracts, except EU wheat (euros) and
soymeal (dollars). CBOT wheat, corn and soybeans per bushel,
rice per hundredweight, soymeal per ton and soyoil per lb.