Soybean and corn futures climbed on Thursday, with both poised to end the session at their highest in nearly two weeks. In a monthly report, U.S. Department of Agriculture reduced its U.S. soybean ending stocks forecast for the 2022/2023 marketing year. It forecasts ending stocks at 210 million bushels, down 10 million from the previous forecast, noting that lower supplies would only be “partly offset” by reduced exports. The USDA reduced supplies of both U.S. corn and soybeans by lowering yields for both due to dry growing conditions, said Sal Gilbertie, president and chief investment officer at Teucrium Trading. “The balance sheets for both corn and soybeans project lower inventory levels not seen since 2014 for corn, and 2015 for soybeans,” he said. March soybeans SH23 rose 28 cents, or 1.9%, to $15.21 a bushel. A settlement around this level would mark the highest for a most-active contract since Dec. 30, FactSet data show. March corn CH23 was up 17 cents, or 2.6%, at $6.73 a bushel, also on track for its lowest finish since Dec. 30.
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