CHICAGO- Concerns that global crop supplies will remain lean pushed Chicago Board of Trade corn futures to their highest price since March 2013 on Friday, while soybean futures reached their highest since October 2012.
The markets surged before the weekend as traders braced for the potential of further rallies driven by tightening inventories and a monthly US Department of Agriculture crop report due on Wednesday.
In its first estimates for 2021/22, the USDA is expected to predict US soybean ending stocks will remain tight at 138 million bushels, according to a Reuters poll of analysts. They projected the agency will reduce its 2020/21 stocks estimate to 117 million bushels from 120 million.
