CHICAGO, Jan 10 (Reuters) – Corn futures on the Chicago Board of Trade turned higher on Friday after the U.S. Department of Agriculture surprised the market by lowering its estimate of U.S. 2013 corn yield and production, while wheat tumbled, traders said.
USDA also lowered its forecast of U.S. 2013-14 corn ending stocks below trade expectations.
CBOT wheat fell to across-the-board contract lows after USDA revised up its forecast of 2013-14 U.S. and world wheat ending stocks above expectations.
CBOT soybeans pared gains after USDA’s soybean production and U.S. ending stocks forecasts came in roughly in line with expectations.
As of 11:36 a.m. CST (1736 GMT), CBOT March corn was up 17 cents at $4.29 a bushel. March wheat was down 12 cents at $5.72-1/4 a bushel and the March soybean contract was up 10-1/4 cents at $12.84 a bushel.
