Corn, Soybeans Decline On Huge Harvests
CHICAGO--Corn and soybean futures extended losses Wednesday as projected record U.S. harvests weighed on prices for the crops. Meanwhile, wheat gained.
Soybean prices led the way lower, falling for a second consecutive session amid growing expectations that upcoming government forecasts for the U.S. crop would show farmers reaped a bigger haul this year than expected. Private firm INTL FCStone recently projected the U.S. soybean crop would reach 4.386 billion bushels on yields of 52.8 bushels an acre, analysts said, which beats the U.S. Department of Agriculture's October forecast for 4.269 billion bushels and yields of 51.4 bushels per acre.
Favorable growing conditions in Brazil, a key world producer of the oilseeds, also added to negative sentiment in the market.
Corn prices fell for a fourth consecutive session on expectations U.S. farmers are collecting their biggest-ever harvest, with INTL FCStone forecasting the nation's crop at 15.226 billion bushels on yields of 175.3 bushels an acre, analysts said. That tops the USDA's latest projection for 15.057 billion bushels of corn and yields of 173.4 bushels per acre.
CBOT December corn futures dropped 2 3/4 cents, or 0.8%, to $3.46 1/4 a bushel.
Wheat prices rose, lifted in part by concerns that poor weather globally could dent output of the crop. Prices for the grain fell to a 10-year low earlier in the year due to record global stockpiles and limited demand for U.S. supplies, though weather problems in places like Australia and Ukraine could curb world production, analysts said, potentially increasing appetite for U.S. grain exports.
CBOT December wheat rose 3 1/2 cents, or 0.8%, to $4.17 3/4 a bushel.