Soybean futures jumped the most in more than a week after a U.S. government report showed that domestic production and inventories will trail analyst estimates.
Output will reach 4.269 billion bushels, the U.S. Department of Agriculture said in a report Wednesday. Analysts surveyed by Bloomberg forecast 4.286 billion, on average. Reserves on Aug. 31 will be 395 million bushels, trailing the average analyst estimate of 421 million.
Inventories will also be smaller than expected because the USDA boosted its expectations for exports. Global consumers are having to increasingly turn to U.S. supplies after drought in Brazil and flooding in Argentina crimped output from South America. Soybean futures have climbed about 11 percent this year in Chicago on robust demand for U.S. shipments.
On the Chicago Board of Trade, soybean futures for November delivery rose 0.7 percent to $9.6075 at 12:29 p.m., on pace for the biggest gain since Oct. 3.
Also on the CBOT, wheat futures for December delivery rose 0.5 percent to $4.0925 a bushel. The USDA unexpectedly cut its outlook for global reserves by 0.3 percent to 248.37 million metric tons. Analysts had forecast that the agency would raise its outlook to 250.2 million.
Corn futures for December delivery slid 0.8 percent to $3.4275 a bushel in Chicago. The USDA said domestic output would be bigger than analysts projected.
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