Grains, Beans Lower at Midday on Forecasts For Record Production
Corn and soybeans were lower at midday on new forecasts for record production of both crops.
Researcher Informa Economics pegged soybean production near 4.3 billion bushels on yields of 51.6 bushels an acre. Corn output was projected at 15.2 million on yields of 174.5 bushels an acre. The U.S. Department of Agriculture last month said soybean output would total 4.2 billion bushels on yields of 50.6 bushels an acre, while corn production would be 15.1 billion bushels and yields would come in at 174.4 bushels an acre.
Demand remained strong as overseas buyers snapped up low-priced U.S. grains and soybeans. Morocco reportedly bought 260,000 metric tons of U.S. soft wheat, the country's grain agency ONICL said on Wednesday, according to Reuters. The USDA reported a sale of 115,000 tons of wheat to the North African country.
In the week that ended on Sept. 29, corn sales totaled 2.06 million metric tons and soybean sales were reported at 2.18 million tons, the USDA said. Corn sales since the start of the marketing year are up 87% year over year, while bean sales jumped 30% and wheat sales gained 27% during the same timeframe a year earlier.
Corn futures for December delivery fell 7 1/4¢ to $3.40 1/4 a bushel on the Chicago Board of Trade.
Soybeans for November delivery fell 2¢ to $9.54 3/4 a bushel in Chicago. Soy meal futures for December delivery lost $4.70 to $300.70 a short ton, and soy oil rose 0.43¢ to 33.27¢ a pound.
Wheat futures for December delivery lost 9 3/4¢ to $3.95 1/4 a bushel in Chicago while Kansas City futures declined 10 1/2¢ to $4.04 1/2 a bushel.