By PJ Huffstutter
CHICAGO (Reuters) – Corn and soybean futures prices in Chicago rose on Thursday, finding support after sharp losses in the past two sessions due to higher-than-expected US grain supply forecasts.
It was a difficult week for the corn and soybean markets. The US Department of Agriculture (USDA) has released estimates of both crops in the United States, above average analysts’ expectations, increasing supply pressure for a quick start to the harvest and causing the future prices plummeted.
But on Thursday, traders said, the market began to stabilize as investors showed some buying interest.
“What we’re seeing today is a dead cat jump because we’ve sold too much,” said Don Roose, president of US Commodities in West Des Moines, Iowa.
US exporters sold 132,000 tonnes of soybeans for delivery to unknown destinations during trading year 2021/2022, the USDA reported on Thursday.
On the Chicago Board of Trade, the most active corn contract closed the day up 4.5 cents at $5.1675 a bushel.
Soybeans ended the day up 11 cents to $12.0625 a bushel. Wheat rose 6 cents to $7.2475 a bushel.
(Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore)
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