Soybeans rose(CBOT:ZSU4) in Chicago, rebouding from an earlier loss, as cool temperatures in the U.S. Midwest raised concern that crops may be at risk of frost damage before the harvest starts in the next month.
Temperatures this morning fell below 40 degrees Fahrenheit (4 degrees Celsius) in parts of northern Indiana and southern Minnesota, Commodity Weather Group said in a report. There’s currently no frost threat in the 30-day forecast, it said. The country is set to harvest the biggest soybean crop ever, the U.S. Department of Agriculture estimates. About 72 percent of fields in the main growing areas reached the pod-setting stage as of Aug. 10, a key phase for determining yields, the USDA said.
“The market is jittery since it’s still August,” and crops are still maturing, said Matt Ammermann, a commodity risk manager at INTL FCStone Inc. in St. Louis Park, Minnesota. “I don’t think the cold temperatures were anything big, but it’s just the market is a bit on edge.”
Soybeans for November delivery(CBOT:ZSX4) rose 0.8 percent to $10.645 a bushel as of 7:45 a.m. on the Chicago Board of Trade, after losing as much as 0.8 percent earlier today. Yesterday, the price touched $10.3875 a bushel, the lowest for a most-active contract since September 2010.
Corn for December delivery(CBOT:ZCZ4) rose 1.2 percent to $3.78 a bushel, set for a fifth consecutive advance. Wheat climbed 0.7 percent to $5.5675 a bushel.
U.S. corn farmers filed crop insurance claims on 1.54 million acres they were prevented from planting this year, the USDA’s Farm Service Agency said today in a preliminary report. That compares with claims of 3.617 million acres last year. Soybean claims totaled 827,131 acres, compared with 1.704 million acres last year, the agency said.