August 15, 2016 / 1:47 AM / 2 years ago

GRAINS-Soybeans, corn recover from losses after forecasts for record harvests

MANILA, Aug 15 (Reuters) - U.S. corn and soybean futures edged higher on Monday after steep losses in the previous session after the U.S. Department of Agriculture projected record harvests, with weaker prices spurring bargain buyers.


* The most-active corn contract on the Chicago Board of Trade was up 0.5 percent at $3.34-3/4 a bushel by 0135 GMT. The contract touched $3.22-1/2 on Friday, its lowest since October 2014.

* Chicago soybeans rose 1.2 percent to $9.93-1/2 per bushel. It fell as much as 2.2 percent to $9.62-1/2 on Friday.

* In its monthly outlook, the USDA on Friday pegged the corn crop at 15.153 billion bushels, based on an average yield of 175.1 bushels per acre, while the soybean harvest was seen at 4.060 billion bushels, with yields expected to average 48.9 bushels per acre. Both topped the high end of market expectations.

* Good weather for crop development during July across broad swaths of the U.S. Midwest, the key growing area for corn and soybeans, allowed crops to mature with relatively little stress.

* Corn recovered to close firmer on Friday, which some analysts attribute to firm demand for the grain as animal feed going forward.

* “Global feed demand is growing strongly, so perhaps the market is realising that the scale of supply required for ‘comfort’ will also need to be higher,” Commonwealth Bank of Australia analyst Tobin Gorey said in a note.

* Chicago wheat climbed 0.5 percent to $4.24-1/2 per bushel.


1230 U.S. New York Fed manufacturing Aug

1400 U.S. NAHB housing market index Aug (Reporting by Manolo Serapio Jr.; Editing by Joseph Radford)

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