CHICAGO, Oct. 12 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Thursday, led by soybeans.

The most active corn contract for December delivery rose 8 cents, or 1.64 percent, to settle at 4.96 U.S. dollars per bushel. December wheat gained 15.5 cents, or 2.79 percent, to settle at 5.715 dollars per bushel. November soybean soared 37.5 cents, or 2.99 percent, to settle at 12.9 dollars per bushel.

CBOT grain futures rallied following the U.S. Department of Agriculture (USDA) October Crop Report as U.S. 2023 corn and soybean yields came in slightly below average trade estimate. U.S. corn yield was 173.0 bushels per acre (BPA), down 0.5 BPA from trade expectations and 0.8 BPA from September. U.S. soybean yield was at 49.6 BPA, down 0.3 BPA from the average trade estimate and 0.5 BPA from September.

The World Agricultural Supply and Demand Estimate (WASDE) report estimated U.S. 2023-2024 corn end stocks at 2,111 million bushels, as U.S. 2023 corn crop is expected to drop 70 million bushels to 15,064 million bushels. The report cut 2023-2024 U.S. corn demand by 75 million bushels to 5,600 million bushels, and U.S. exports by 50 million bushels to 2,025 million bushels.

U.S. 2023-2024 soybean end stocks were forecast at 220 million bushels. The report lowered U.S. soybean crop by 42 million bushels to 4,104 million bushels. The report left South American soybean crops unchanged with the Brazilian harvest forecast at a record large 163 million metric tons, and Chinese 2023-2024 imports at 100 million metric tons.

U.S. 2023-2024 soybean exports were cut by 35 million bushels to 1,755 million bushels, with crush raised by 10 million bushels to 2,300 million bushels.

The report raised U.S. wheat production by 78 million bushels, and 2023-2024 U.S. wheat feed use by 30 million bushels, more than trade expectations. U.S. wheat end stocks were forecast at 670 million bushels, as against 615 million bushels in previous month.

The report raised 2023-2024 Russian wheat exports to 50 million bushels amid competitive prices. Combined exporter production was trimmed another 1.4 million metric tons amid lower projected crop sizes in Australian and Kazakhstan.

The report put 2023-2024 global end stocks of corn at 312.4 million metric tons, that of soybeans at 115.6 million metric tons, and that of wheat at 258.1 million metric tons.

More attention will be paid to abnormal weather in South America. Chicago-based research company AgResource holds that short covering lies ahead. Enditem

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