Soybeans, corn rally after USDA pegs US harvest, stocks below expectations

What happened: The USDA raised its US soybean harvest outlook by less than expected and cut corn production and stocks forecasts by more than expected, sparking rallies in corn and soybeans. Why it matters: The reports reversed a slide since late September that had pushed corn and soy to multi-month lows. A strategist cited higher demand and unchanged South American soy estimates as the spark for soybeans, while wheat gains were limited by expectations of larger global supplies.

The USDA raised its US soybean harvest outlook by less than expected and cut corn production and stocks forecasts by more than expected, sparking rallies in corn and soybeans.

The reports reversed a slide since late September that had pushed corn and soy to multi-month lows. A strategist cited higher demand and unchanged South American soy estimates as the spark for soybeans, while wheat gains were limited by expectations of larger global supplies.