Corn slides on new-crop supplies
Corn prices eased Thursday as big supplies weighed on the market and the U.S. harvest progressed.
Wheat futures followed corn lower, consolidating after hitting 4 1/2-month highs earlier this week. Soybean futures settled near flat as farmers continued to hold onto their crop, hoping for better prices.
"The corn market just has too many bushels coming in," said Mike Seery, president at Seery Futures, a brokerage in Plainfield, Ill.
Corn for delivery in December at the Chicago Board of Trade slid 2 1/2 cents, or 0.6%, to $4.40 1/4 a bushel Thursday as expectations for a record U.S. crop quashed attempts to move higher.
Some analysts think this year's production could top 14 billion bushels, more than the 13.8 billion forecast by the U.S. Department of Agriculture last month. Both would be record figures.
The USDA reported net export sales of 1.34 million tons of corn for the week ended Oct. 3, which were "really good," said Mike Seery, president at Seery Futures, a brokerage in Plainfield, Ill. . But the shutdown-delayed data is already several weeks old.
"We've been talking about big sales with the USDA shut down for three weeks," Mr. Scoville said. "I think that kind of took some of the edge off of it."
U.S. wheat prices also eased despite ongoing concerns that adverse weather in other growing nations will curb global supplies and boost U.S. exports.
"A weak close today could mean a top in the wheat market," Mr. Scoville said. CBOT December wheat fell 5 cents, or 0.8%, to $6.96 1/2 a bushel.
Soybeans for November delivery at the CBOT fell 1/4 cent, or less than 0.1%, to $13.09 3/4 a bushel.
"There's been decent demand for the beans that really hasn't been there for the corn," Mr. Scoville said. "The farmer is harvesting right now, and really not selling a damn thing."
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(END) Dow Jones Newswires
October 24, 2013 15:31 ET (19:31 GMT)
DJ Grains Fall Amid Big Supplies; Soybeans Hold Steady->copyright