Chicago wheat, soybeans, corn futures soar after USDA report

Chicago Board of Trade (CBOT) wheat, corn and soybeans futures all traded higher Tuesday as their estimated stocks by the U.S. government department turned out to be lower than expected, and the planted area of corn, wheat is smaller in comparison with that of last year.

The most active corn contract for December delivery added 29.25 cents, or 7.27 percent, to close at 4.315 U.S. dollars per bushel. September wheat delivery gained 32.25 cents, or 5.53 percent, to close at 6.1575 dollars per bushel. November soybeans rose 57.25 cents, or 5.84 percent, to close at 10.3725 dollars per bushel.

Chicago corn jumped by more than 7 percent to the highest level in a year after the U.S. Department of Agriculture (USDA) on Tuesday said the planted area of corn for all purposes in 2015 is estimated to stand at 88.9 million acres (about 35.98 million hectares), down 2 percent from last year or the smallest planted acreage in the United States since 2010. The sown area of wheat is also down 1 percent.

The planted area of soybean for all purposes this year, however, is up 2 percent from a year ago.

The USDA also estimated corn stocks in all positions on June 1, 2015 were up 15 percent from a year ago; soybean stocks rose by 54 percent from last year; wheat stocks increased by 28 percent from a year ago.