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162853

Corn, Beans Reverse, Close Lower, on Harvest Pressure

Traders Focus on Favorable Harvest Weather

Corn and soybeans reversed course and closed lower on Friday after being up much of the session. 

Investors focused late in the day as dry weather is forcast for much of the Midwest this weekend. Some freezing weather may occur, and frost and freeze warnings were issued in a wide patch of land stretching from Canada to the Oklahoma panhandle, but temperatures have warmed. 

Crop prices were higher throughout most of the session after a U.S. Department of Agriculture report showed shippers sold 2.06 million metric tons of corn to overseas buyers for delivery in the marketing year that started on Sept. 1 last week. Soybean sales totaled 2.18 million tons for delivery this marketing year. Wheat sales lagged, totaling 377,000 tons, down 34% from the prior week and 31% from the previous four-week average, the USDA said. 

Exporters yesterday announced the sale of 115,000 tons of hard-red winter wheat to Morocco for deliver in the current marketing year that ends on May 31, the USDA said. Morocco’s grain agency reportedly said it purchased 260,000 tons of soft wheat, according to Reuters. The USDA also said exporters sold 258,000 tons of soybeans for delivery to unknown buyers for delivery in the year that started on Sept. 1. Earlier this week, a sale of 100,000 tons of corn to unknown destinations was announced.

About 24% of the U.S. corn crop was collected as of Sunday, while 26% of soybeans were harvested, the USDA said. The government will update its crop progress report on Monday. 

Corn futures for December delivery closed down 3/4 cent to $3.39 3/4 a bushel on the Chicago Board of Trade.  

Soybeans for November delivery lost 1 3/4 cents to $9.56 3/4 a bushel in Chicago. Soymeal futures for December delivery declined $2.60 to $300.50 a short ton and soy oil was unchanged at 33.30 cents a pound.

Wheat futures for December delivery 1 1/2 cents to $3.94 1/4 a bushel in Chicago, while Kansas City futures lost 2 3/4 cents to $4.02 1/4 a bushel.

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