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.