Corn slides on USDA crop data
Corn futures prices settled lower Friday, after the U.S. government forecast a record harvest this autumn and said domestic supplies will more than double by next year.
Chicago Board of Trade July corn futures settled down 12 1/2 cents, or 1.9%, at $6.36 1/4 a bushel.
In a monthly crop report Friday, the U.S. Department of Agriculture projected that U.S. corn stockpiles will climb to two billion bushels next summer, slightly higher than analysts had expected. The government's estimate would mark the highest level of late-summer corn stockpiles in the U.S. since 2005.
Soybeans fell as the USDA predicted that farmers will produce the biggest-ever U.S. soybean crop. The agency forecast a harvest of 3.39 billion bushels, up from 3.015 billion last year.
Wheat futures fell along with corn prices. The USDA forecast domestic wheat stockpiles as of May 31, 2014--the end of that crop's next marketing year--will total 670 million bushels, higher than the 627 million bushels expected by analysts.
July soybean futures fell 9 3/4 cents, or 0.7%, to $13.99 a bushel. CBOT July wheat fell 19 1/4 cents, or 2.7%, to $7.04 1/4 a bushel.
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(END) Dow Jones Newswires
May 10, 2013 14:38 ET (18:38 GMT)
DJ U.S. Corn Futures Settle Lower On USDA Supply Forecast->copyright
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