Corn futures finished strongly higher on Thursday. The market traded up the limit early in the morning session, then remained just below that level through the remainder of the day, only pulling back as much as 10 cents. This morning’s USDA reports were bullish for corn as supply looks to be tighter than expected. Production was at the low end of trade expectations, coming in at 12.914 million bushels versus the average trade estimate of 13.1 million bushels and a range of 12.775-13.360 billion. Yield was pegged at 153 bushels per acre versus the average trade estimate of 155 bushels per acre and a range of 151-158 bushels per acre. September was 24 1/2 cents higher at $7.02 1/2 and December was 25 1/2 cents higher at $7.14.
Soybean futures closed higher Thursday. Prices climbed higher on support from bullish USDA Supply/Demand and Production reports released this morning. USDA’s production forecasts for soybeans were lower than expected.