CBOT Corn Jumps 2.16% After USDA Cuts Crop Condition Rating; Wheat Gains for a Fourth Day

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Summary · why it matters

December corn futures at the CBOT surged 10.75 cents, or 2.16%, to close at $5.0800 a bushel, after the US Department of Agriculture, or USDA, cut its crop condition rating by more than the market had expected, stoking concern that the USDA may also lower its yield estimate. The USDA's weekly crop progress and harvest report on Monday, October 5, showed US farmers had harvested only 23% of the corn crop and 25% of soybeans as of Sunday, October 4, behind analyst expectations and below the five-year average. November soybean futures rose 22.25 cents, or 1.74%, to close at $13.0300 a bushel, on harvest delays and concerns about bean quality. December wheat futures rose 12.00 cents, or 1.73%, to close at $7.0425 a bushel, extending gains to a fourth straight session, after reports that two commercial vessels, including one grain carrier, were attacked by drones in the Black Sea off the coast of Bulgaria on Tuesday, and that another cargo ship was attacked outside Romania's territorial waters on Monday, which Ukrainian authorities said was the work of Russian drones. The market is awaiting the USDA's monthly World Agricultural Supply and Demand Estimates, or WASDE, report on Friday, October 9, which will include official revisions to US corn and soybean production forecasts.

Impact on assets 4

Others▲
⛏Corn Futures
CORN
▲ PositiveSupplyrelevance

USDA cut corn crop condition rating more than expected, stoking concern over lower yield and tightening supply.

⛏Soybean Futures
SOYBEAN
▲ PositiveSupplyrelevance

Soybean futures rose on harvest delays and concerns about bean quality after slow USDA harvest progress.

⛏Chicago SRW Wheat Futures
WHEAT
▲ PositiveGeopoliticsrelevance

Chicago SRW wheat rose for a fourth day after drone attacks on commercial vessels in the Black Sea off Bulgaria and Romania.

⛏KC HRW Wheat Futures
KCWHEAT
▲ PositiveGeopoliticsrelevance

KC HRW wheat likely supported by the same Black Sea drone attacks on grain vessels lifting wheat markets.