CANBERRA- Chicago corn and soybean futures on Tuesday hovered near multi-month highs reached after the US government last week said that US farmers’ 2024 harvests were smaller than expected.
Wheat futures rose slightly.
The most active corn contract on the Chicago Board of Trade (CBOT) was down 0.4 percent at $4.74-1/2 a bushel, after reaching $4.77 on Monday, its highest since December 2023.
CBOT soybeans were unchanged at $10.53 a bushel after rising to $10.55, the highest since October 2024, earlier in the session.
The US Department of Agriculture (USDA) on Friday jolted the market by slashing its estimates for 2024 US corn and soybean production and end-of-season stocks, implying a tighter supply outlook than expected.
The data led a slew of commodity funds to add to their bullish position in corn and cover short positions in soybeans, traders said.
Funds are now most bullish on corn since 2022 but are bearish on soybeans due to plentiful supply.