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Soybeans, Corn Surge at the Close of Trading as Investors Focus on Trade

USDA Leaves Corn, Bean Production Forecasts Unchanged

Soybeans and corn rebounded to finish stronger on Friday as investors focused on demand and ignored an unchanged report from the U.S. Department of Agriculture. 

The USDA today pegged corn output at 15.2 billion bushels on yields of 175.3 bushels an acre, the same as the November outlook. Soybean production is forecast at 4.36 billion bushels on yields of 52.5 bushels, unchanged from the prior month’s projection, according to the government. 

Wheat output is expected to come in at 2.31 billion bushels on yields of 52.6 bushels an acre, the USDA said. 

Prices were little changed at midday but rose toward the end of trading on strong demand.

Soybean sales to overseas buyers totaled 1.46 million metric tons in the week that ended on December 1, up 10% from the previous week and 5% from the prior four-week average, thanks to a large purchase by China, the USDA said yesterday. Corn sales almost doubled to 1.5 million tons as Peru bought 526,000 tons. Wheat sales rose 4% week-over-week to 503,100 tons. 

Soybean futures for January delivery rose 12¢ to close at $10.39 a bushel on the Chicago Board of Trade. Soy meal futures rose $6.10 to $319.80 a short ton, and soy oil fell 0.39¢ to 36.87¢ a pound.

Corn for March delivery rose 5¼¢ to $3.58¾ a bushel. 

Chicago wheat future added 4¾¢ to $4.13 a bushel and Kansas City futures rose 6¼¢ to $4.11 a bushel. 

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