Investing.com

Investing.com - U.S. soybean futures rose to a nine-month high on Wednesday, amid ongoing concerns over tightening supplies in the U.S.



On the Chicago Mercantile Exchange, US soybeans for May delivery rose to a session high of $14.9588 a bushel, the strongest level since July 23.



Soybeans last traded at $14.9175 a bushel during U.S. morning hours, up 0.45%, or 6.6 cents. The May soybean contract jumped 1.4%, or 20.4 cents, on Tuesday.



Soybeans extended gains into a third session after the U.S. Department of Agriculture said U.S. inventories of the oilseed on March 1 totaled 992 million bushels, the lowest for this time of year since 2004.



Meanwhile, US corn for May delivery declined 0.45%, or 2.3 cents, to trade at $5.0513 a bushel, as a round of profit taking kicked in.



The May corn contract rallied to a seven-month high of $5.1240 a bushel on Tuesday, before settling at $5.0740, up 1.1%, or 5.4 cents.



The USDA projected U.S. farmers will plant 91.7 million acres of corn this spring, a 4% decline from last year and the lowest total in four years.



The agency also said that domestic supplies as of March 1 totaled 7.006 billion bushels, compared to expectations for 7.1 billion bushels.



Elsewhere on the CBOT, US wheat for May delivery tumbled 0.89%, or 6.1 cents, to trade at $6.7888 a bushel. The May wheat contract lost 1.72%, or 12.0 cents, on Tuesday to settle at $6.8520 a bushel.



The USDA pegged wheat stocks at 1.06 billion bushels, above expectations of 1.03 billion bushels.



Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.



Please LIKE our Facebook page - it makes us stronger