CHICAGO- Chicago Board of Trade (CBOT) soybean futures on Monday rallied morefollowing a shockingly low plantings estimate from the US Department of Agriculture (USDA) on Friday – news that sent the November new-crop contract surging more than $1.00 a bushel since the report’s release.
Corn firmed at the start of this holiday-shortened week on a technical bounce and bargain-buying, as recent lower prices appeared to be luring buyers, traders said.
Several hefty import tenders were issued on Monday by buyers in South Korea and a large private purchase reported over the weekend.
Still, corn futures remained under pressure from a larger-than-expected US corn plantings figure and smaller-than-expected June 1 corn stocks released on Friday by the
US markets, including the CBOT, will be closed on Tuesday for the Fourth of July holiday.
