USDA speculation dumps corn futures
Corn futures fell 0.4% overnight to a fresh 38-month low on speculation that the U.S. Department of Agriculture will raise its domestic production estimate in a report on Friday amid signs of declining demand for the grain in livestock feed.
Soybeans were unchanged and wheat gained in overnight trading.
Private forecasters Informa Economics Inc. and INTL FCStone both said last week that U.S. corn output would outpace earlier estimates. Informa projected production at 14.223 billion bushels, while FCStone said output would total 14.367 billion bushels. The USDA in September forecast output at 13.843 billion bushels. The agency will update its supply-and-demand estimates in a report on Friday for the first time in two months after skipping its normal October report due to the partial government shutdown.
With electronic trading paused until the open outcry session starts at 9:30 a.m. EST, Chicago Board of Trade corn futures for December delivery fell 1 3/4 cents to $4.25 1/2 a bushel. The grain earlier fell to the lowest intraday price for the front-month contract since Sept. 1, 2010.
Soybean futures for November delivery on the CBOT were unchanged at $12.66 a bushel in overnight trading. Wheat futures for December delivery gained 1 cent, or 0.2%, to $6.68 3/4 a bushel in Chicago.
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(END) Dow Jones Newswires
November 04, 2013 09:12 ET (14:12 GMT)
DJ Corn Falls to New 38-Month Low on Signs of Rising Output->copyright