Corn and soybeans gained in Chicago ahead of the U.S. Department of Agriculture report that may show the agency cutting estimates on the nation’s harvests as hot weather curbs yields.
December-delivery corn rose 0.5 percent to $6.9175 per bushel on the Chicago Board of Trade at 10:44 a.m. in Singapore, while soybeans for November delivery climbed 0.8 percent to $13.12 per bushel. Wheat for December delivery was little changed at $7.195 per bushel.
U.S. farmers may harvest 13.079 billion bushels of corn this year, lower than the USDA’s July estimate of 13.47 billion bushels, according to the average estimate of 31 analysts in a Bloomberg News survey. Soybean output may be 3.184 billion bushels, smaller than USDA’s 3.225 billion bushel forecast, the survey showed. The USDA will release the latest outlook at 8:30 a.m. in Washington today.