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Corn, soybeans rise in Chicago after previous sharp declines

By PJ Huffstutter

CHICAGO, Oct 14 (Reuters) – Chicago corn and soybean futures prices rose on Thursday, finding support after heavy losses in the past two sessions on higher-than-expected US grain supply forecasts. .

* It has been a difficult week for the corn and soy markets.

* On Tuesday, the United States Department of Agriculture (USDA) released estimates for both crops that beat analysts’ median expectations, adding to supply pressure for a vigorous start to the season. harvest season and caused futures prices to fall.

* But on Thursday, according to traders, the market began to stabilize as investors showed some buying interest.

* Wheat futures, which were dragged down on Tuesday by losses in corn, also rose, supported by strong demand from importers and lower availability in major exporting countries.

* Despite the rebound, traders said they remain somewhat cautious about making big moves due to uncertainty about what the pace of exports will be in the coming weeks.

* US exporters sold 132,000 tons of soybeans for delivery to unknown destinations during the 2021/2022 season, the USDA reported Thursday.

* On Wednesday, the agency said that US exporters sold 330,000 tons of soybeans for delivery to China during the 2021/2022 season, and 161,544 tons of corn for delivery to unknown destinations during the same period.

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