Corn firms; soybeans, wheat down

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    CHICAGO- US corn futures inched higher on Monday on position-squaring ahead of a key monthly US government crop report later this week and worries about forecasts for a freeze looming for the northwestern Corn Belt, traders said.

    Soybeans and wheat closed lower after a choppy session.

    Chicago Board of Trade December corn settled up at $3.87 per bushel but stayed inside of Friday’s trading range. November soybeans ended down 1 cent at $9.15 a bushel, and December wheat fell at $4.89 a bushel.

    Commodity funds hold a net short position in CBOT corn futures, leaving the market vulnerable to bouts of short-covering, especially in advance of the US Department of Agriculture’s Oct. 10 supply-demand report.

    Analysts surveyed by Reuters on average expect the government to lower its forecasts of US yield, production and 2019-20 ending stocks for both corn and soybeans.

    “All eyes are on the crop report on Thursday, what the yield is, and the demand. It’s just balancing positions ahead of the report,” said Don Roose, president of Iowa-based US Commodities. – Reuters