Corn, Soybeans End Lower
DES MOINES, Iowa (Agriculture.com)--On Thursday, the stronger weekly export sales could not recover losses for corn, soybean, and wheat markets.
The Dec. corn futures closed 3 cents lower at $3.71.
Nov. soybean futures finished 2 cents lower at $10.78.
Sep. wheat futures finished 6 1/2 cents lower at $5.61.
Dec. soymeal futures closed $0.70 lower at $347.50. Dec. soyoil futures settled $0.15 lower at $36.05.
In the outside markets, the NYMEX Brent crude oil is $0.36 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 63 points lower.
Lanworth, a private natural resource information intelligence company, is projecting a U.S. 2014 corn average yield of 174.8 bushels per acre, which implies a production of 14.8 billion bushels. "This is the most bearish number we have seen to date. Trader talk is that the Argentina corn harvest is now 80% completed. They have been struggling with wet conditions," Brugler says.
Lanworth is projecting a 2014/15 U.S. soybean production figure of 3.81 billion bushels, just above the most recent USDA forecast of 3.80 billion bushels. "A Bloomberg survey shows an average trade estimate of 45.5 bpa and 3.815 billion bushels of production for the August 12 USDA report."
USDA Weekly Export Sales Report Thursday shows that soybeans beat and corn, and wheat fell within expectations:
Wheat = 620,900 metric tons vs. the trade's expectations of between 400,000 and 725,000 metric tons
Corn = 879,600 metric tons vs. the trade's expectations of between 400,000 and 1,000,000 metric tons