USA: Corn rebounds from three-year low, but soybeans and wheat rise

Updated Sep 21, 2023
NEW YORK, Sept 20 (Reuters) - Chicago corn futures rose on Wednesday, extending their recovery from the nearly three-year lows they fell to this week, thanks to bargain buying, uncertainty over U.S. yields and expectations that Brazil will have a smaller harvest in 2024. * The most active corn contract on the Chicago Board of Trade (CBOT) was up 3.75 cents, or 0.8%, at $4.80 a bushel by 1708 GMT. * The Brazilian food supply and statistics agency Conab late Tuesday forecast a 9.1% drop in Brazil's total corn harvest in the 2023/2024 cycle. * "That's a big drop," said Dan Basse, president of AgResource Co, in Chicago. "When the US market saw that, it was a reason to cover short positions at three-year lows," he added. * Commodity funds maintain their largest net short position in corn futures since 2020, according to weekly data from the Commodity Futures Trading Commission, leaving the market prone to bouts of hedging buying. * Soybean futures rose, rebounding a day after hitting ...
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