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Corn, soybeans end Wednesday mixed

06/26/2013 @ 2:27pm

U.S. corn futures settled mixed Wednesday, as traders positioned themselves for major government crop reports Friday.

Chicago Board of Trade July corn futures settled up 7 3/4 cents, or 1.2%, at $6.64 1/2 a bushel.

Some speculative traders bought nearby corn futures to exit earlier bearish bets on the contract, pushing prices higher, analysts said.

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Traders were looking to reduce their risk before the U.S. Department of Agriculture releases two reports Friday at noon EDT that could cause sharp price swings. The USDA will issue updated estimates for planted acreage of crops like corn this year, as well as estimates for grain stockpiles in the U.S. as of June 1.

Nearby soybean futures also rose, while deferred soybeans fell. Traders bought nearby soybeans to exit bearish positions ahead of the USDA reports.

Wheat futures fell on the prospect of a bigger-than-expected harvest of winter wheat in the southern Plains. Yields reported by farmers harvesting in Kansas and Oklahoma in the last week generally have been strong, analysts say.

CBOT July wheat fell 8 3/4 cents, or 1.3%, to $6.67 a bushel, a nearly three-month low. July soybean futures rose nine cents, or 0.6%, to $15.34 1/4 a bushel.

Write to Owen Fletcher at owen.fletcher@dowjones.com
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(END) Dow Jones Newswires
June 26, 2013 14:39 ET (18:39 GMT)
DJ U.S. Corn Ends Mixed; Nearby Futures Up on Pre-USDA Positioning->copyright

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