Soybeans exceed two-month high on China buying, USA inventory shock


China bought more American soyabeans on Monday as the US Department of Agriculture reported stockpiles of the crop were smaller than traders expected, sending futures prices to nine-week highs.

The USDA rated 54 percent of the US soybean crop as good to excellent, unchanged from the week before and in line with expectations.

Spring wheat harvested was 89 percent, behind last year's 100 and the average of 98.

Soybean condition rated 2 percent very poor, 9 poor, 27 fair, 56 good, and 6 excellent. The most-active corn contract surged 4.2% to $3.88 a bushel.

The most active wheat contract for December delivery was up 8.5 cents, or 1.74 percent, to settle at 4.9575 USA dollars per bushel.

For soybeans, stocks were pegged at 913 million bushels vs. the average trade estimate of 982 million bushels.

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Corn futures went down in rangebound trade as brokers adjusted positions ahead of Monday's governmental quarterly crop stocks report.

Supporting beans was China buying a lot of USA beans, even with the Trade War and talk that Chine was buying even more! The firm on Tuesday raised its estimate of the average USA 2019 corn yield to 169.3 bushels per acre, from 168.4 in its previous monthly report released on September 4. Chinese buyers have recently made a string of purchases, though, including up to 600,000 tonnes on Monday, according to traders. "The dollar remains in a strong trend around two-year highs, which is a burden for US exports". The trade anticipated the USDA to print shares at 2.428 billion bushels.

The United States still has ample supplies in storage, traders said.

The USDA rated 57 percent of the corn crop in good to excellent condition, up from 55 percent last week and above an average of trade expectations.

The fall in corn futures also came despite the USDA pegging the pace of harvesting below market expectations. "With no major frosts forecast in USA corn areas, there is no visible reason for extra crop concern today".