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Prices rise as USDA cuts output estimates for soybeans, corn
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Wheat firm, expectations of higher supplies limit gains
SINGAPORE, Jan 13 (Reuters) - Chicago soybean futures climbed for a third session on Friday, with the market poised to end the week on a positive note after the U.S. government unexpectedly cut its 2022 harvest estimates.
Wheat gained more ground and corn rose for a fourth straight session.
"Bullish news from the USDA (U.S. Department of Agriculture), continued concerns with the Argentine crop outlook plus strength in other grains and weakness in the U.S. dollar were all seen as positive forces," the Hightower said in a report.
The Chicago Board of Trade most-active soybean contract was up 0.1% at $15.19-1/4 a bushel, as of 0230 GMT, wheat added 0.4% to $7.45-3/4 a bushel and corn climbed 0.2% to $6.72-1/4 a bushel.
For the week, soybeans are up almost 2% after losing ground last week, wheat is on track for a positive finish after suffering deep losses last week and corn has gained nearly 3%.
U.S. corn and soybean harvests in 2022 were smaller than previously estimated as crops struggled late in their development after a promising start to the growing season, the U.S. government said on Thursday.
U.S. corn production totalled 13.730 billion bushels in the 2022/23 marketing year, the USDA's said in its monthly World Agricultural Supply and Demand Estimates report. That was down 200 million bushels from a month earlier and below a range of market expectations.
The U.S. soybean harvest came in at 4.276 billion bushels, down from the December estimate of 4.346 billion.
The USDA also estimated quarterly U.S. stocks of corn, soybean and wheat below average trade estimates in its January crop reports.
Argentina's soybean harvest for the 2022/23 cycle is estimated at 41 million tonnes, the Buenos Aires grains exchange said on Thursday, down from the 48 million tonnes previously estimated, after agricultural areas were hit by drought.
The International Grains Council on Thursday raised its forecast for 2022/23 global wheat production to a record 796 million, up from the prior season's 781 million.
Brazilian statistics agency CONAB on Thursday trimmed its forecast of the 2022/23 soybean crop, but still pegged it at a record 152.7 million tonnes.
Commodity funds were net buyers of CBOT wheat, corn, soybean, soyoil and soymeal futures contracts on Thursday, traders said. (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
