Corn, soybeans and wheat futures closed mixed on the Chicago Board of Trade (CBOT) Monday, with corn and wheat rising, and soybeans falling.
The most active corn contract for December delivery rose 1.75 cents, or 0.48 percent, to close at 3.6925 U.S. dollars per bushel. January soybean fell 11 cents, or 1.06 percent, to close at 10. 2575 dollars per bushel. December wheat rose 2.75 cents, or 0.53 percent, to close at 5.1725 dollars per bushel.
The World Agricultural Supply and Demand Estimates (WASDE) report for November, released by U.S. Department of Agriculture ( USDA) Monday, unexpectedly lowered the outlooks for U.S. corn and wheat production in 2014/2015 marketing year, sending future prices higher.
Meanwhile, USDA raised its soybean yield estimate to a record level in the same report, a slightly bearish indication.
World wheat stocks are up 7.18 million metric tons from last year at 192.9 million metric tons, world corn stocks are up 18.7 million metric tons at 191.50 million metric tons, while world soybean stocks are up a record 23.43 million metric tons at 90.28 million metric tons, according to the USDA's estimate report.
Analysts say there is no shortage of U.S. or world corn, soybeans and wheat, even as the U.S. soymeal has been rising by more than 30 percent since October, and any lasting rally tied record large cash meal basis bids will be short lived. They cannot advise a bullish outlook unless adverse South American weather develops.
The South American weather forecast remains favorable.