U.S. grain futures were higher on Tuesday, with soybean prices rising to a one-week top amid speculation forecasts for rainfall across the U.S. Midwest in the coming days may delay the pace of the harvest.
On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD13.0313 a bushel, up 0.5%.
Prices of the oilseed rose to a daily high of USD13.0563 a bushel earlier in the session, the strongest since September 30. The November soy contract ended 0.12% higher at USD12.9640 a bushel on Monday.
Influential industry group Informa Economics cut its forecast for U.S. soybean production to 3.176 billion bushels last week, 1.5% lower from a previous estimate.
Meanwhile, the U.S. Department of Agriculture postponed the release of its weekly crop progress report scheduled for Monday due to the U.S. government shutdown.
The agency said it will delay the release of its monthly supply and demand report scheduled for October 11 as well.
Elsewhere on the CBOT, corn futures for December delivery traded at USD4.4913 a bushel, little changed. Prices held in a tight range between USD4.4788 a bushel, the daily low and a session high of USD4.4963 a bushel.
The December corn contract settled 1.35% higher on Monday to end at USD4.4920 a bushel.
Despite Monday’s rally, market players saw limited upside for corn prices, amid expectations U.S. farmers will harvest the largest corn crop on record this season.
Prices of the grain fell to a three-year low of USD4.3512 a bushel on October 2.
Meanwhile, wheat for December delivery traded at USD6.9812 a bushel, up 0.5%. Wheat futures rose to a daily high of USD6.9863 a bushel earlier in the session, the strongest level since June 24.
The December contract settled up 1.13% at USD6.9460 a bushel on Monday.
Wheat futures have been well-supported in recent sessions amid indications of robust demand for U.S. supplies and as concerns over crop conditions in the Black-Sea region mounted.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.