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Grain Futures Down Before USDA Report Release
Corn and soybean futures fell on expectations that the U.S. Department of Agriculture will raise it's outlook for yield and production in a monthly report today.
Corn production will probably be forecast at 13.564 billion bushels, up slightly from last month’s outlook for 13.555 billion, according to a Bloomberg survey. Yield is seen at 168.2 bushels an acre, just north of USDA’s October estimate of 168 bushels.
Soybean output likely will be projected at 3.914 billion bushels on yields of 47.5 bushels an acre, up from October’s production outlook for 3.888 billion bushels and yield estimate of 47.2 bushels, the Bloomberg survey said.
Corn stockpiles at the end of the marketing year will likely be pegged at 1.597 billion bushels, up about 2% from the October estimate. Soybean inventories are expected to come in at about 435 million bushels, up 10 million bushels month-over-month.
Corn futures for December delivery fell 1 1/2 cents to $3.65 1/4 a bushel in early trading on the Chicago Board of Trade.
January soybeans fell 1/4 cent to $8.66 a bushel in Chicago. Soymeal gained 70 cents to $295.70 a short ton. Soyoil futures declined 0.19 cent to 27.58 cents a pound.
Wheat for December delivery fell 4 1/2 cents to $4.97 1/4 a bushel in Chicago.