(Investing.com) – U.S. grain futures were broadly higher on Thursday, with corn prices extending gains from the previous session amid indications of robust demand for U.S. supplies.
On the Chicago Mercantile Exchange, corn futures for December delivery traded at USD4.4538 a bushel, up 0.25%. Prices held in a tight range between USD4.4313 a bushel, the daily low and a session high of USD4.4563 a bushel.
The December corn contract settled 0.4% higher on Wednesday to end at USD4.4340 a bushel.
Corn’s gains came after news that a private Chinese trading firm purchased a total of 420,000 tonnes of U.S. corn last week for delivery next year in order to take advantage of cheap prices.
Corn prices have been on a downward trend in recent weeks, amid expectations U.S. farmers will harvest the largest corn crop on record this season.
Prices of the grain fell to a three-year low of USD4.3512 a bushel on October 2.
Elsewhere on the CBOT, soybeans futures for November delivery traded at USD12.9513 a bushel, up 0.5%. Prices of the oilseed traded in a range between USD12.8563 a bushel, the daily low and a session high of USD12.9638 a bushel.
The November soy contract ended 0.08% lower at USD12.8760 a bushel on Wednesday.
Soybean traders continued to monitor weather conditions in major South American growers.
Agricultural meteorologists forecast wet weather across major soy-growing regions in Brazil, which could potentially moisten the soil for germination and boost crop prospects.
Brazil is the world’s second largest soybean producer and the third biggest exporter of the grain.
Meanwhile, wheat for December delivery traded at USD6.9325 a bushel, up 0.45%. Wheat traded in a range between USD6.8963 a bushel, the daily low and a session high of USD6.9338 a bushel.
The December contract settled down 0.43% at USD6.9040 a bushel on Wednesday, as a round of profit-taking kicked in after prices rose to a three-month high of USD6.9962 a bushel on October 8.
Wheat futures have been well-supported in recent sessions amid indications of robust demand for U.S. supplies and as concerns over crop conditions in the Black-Sea region mounted.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
The U.S. Department of Agriculture said it will delay the release of its monthly supply and demand report scheduled for October 11 due to the U.S. government shutdown.
