CHICAGO, June 12 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled higher on Wednesday for the third session in a row, with soybeans gaining double digits as more thunderstorms are expected to hit the U.S. Midwest.
The most active corn contract for July delivery was up 2.25 cents, or 0.53 percent at 4.30 U.S. dollars per bushel. July wheat was up 8.25 cents, or 1.59 percent to 5.2625 dollars per bushel. July soybeans were up 18.75 cents, or 2.18 percent to 8.78 dollars per bushel.
A short window of dry weather has allowed Midwest corn and soybean farmers to speed up seeding process. However, with more thunderstorms on the way, further delay might be inevitable, said market watchers.
The U.S. Department of Agriculture (USDA) released on Tuesday its updated estimates for agricultural supply and demand. U.S. corn production for 2019/20 is forecast to decline 1.4 billion bushels to 13.7 billion, which if realized would be the lowest since 2015/16.
As prolonged wet conditions have prevented farmers from planting corn in time, some of the planned corn acres can be switched to soybeans, which are usually planted later than corn. But more thunderstorms will again disrupt farmers' field works.
CBOT wheat also continued its rally. However, market analysts have warned that increased supplies will curb the rise.
In the latest supply and demand estimates report, the USDA has raised both domestic and global wheat supplies for the 2019/20 marketing year. Enditem