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GRAINS-Soybeans ease for 5th session as USDA hikes inventories forecast
* Soybeans set for a weekly loss as USDA raises stocks forecast
* Corn dips, but market eyes weekly gain on lower U.S. output
* Abundant world supplies to keep lid on corn, soybean prices (Recasts with move in soybean futures)
By Naveen Thukral
SINGAPORE, Nov 9 (Reuters) - Chicago soybean futures slid for a fifth consecutive session on Friday, poised to finish the week in a negative territory as the market is facing renewed pressure after the U.S. government raised its outlook for stocks.
U.S. corn edged lower after closing higher in the previous session as the U.S. Department of Agriculture (USDA) reduced its crop-yield estimate.
The most-active soybean contract on the Chicago Board Of Trade is down 1.3 percent this week after posting gains of more than 5 percent in the previous week.
Corn is up nearly 0.5 percent for the week, set for the third straight weekly gain, and wheat has dipped 0.3 percent this week after posting gains of 0.7 percent in the previous week.
"The United States is struggling to sell soybeans because of the trade war with China as a result the USDA has raised its estimate for ending stocks," said Phin Ziebell, agribusiness economist, National Australia Bank.
"For corn, the USDA report was bit supporting but there are ample global supplies."
The U.S. soybean crop will be smaller than expected but stocks are forecast to rise sharply as a trade fight with China weighs heavily on exports, the USDA said in its monthly supply-demand report.
The USDA boosted its estimate of 2018/19 soybean ending stocks, which had already been projected at a record high, to 955 million bushels, topping the average estimate of 898 million bushels.
The USDA cut its forecast of U.S. 2018-19 corn ending stocks to 1.736 billion bushels from 1.813 billion bushels in October.
However, it nearly doubled its forecast of 2018-19 world corn ending stocks to 307.51 million tonnes from 159.35 million tonnes last month.
The change reflected a huge increase in the USDA's estimate of Chinese corn stocks following revisions by the Chinese government.
The government trimmed its U.S. corn yield estimate to 178.9 bushels per acre from 180.7 bushels per acre. Some analysts warned of possible further reductions following a rain-slowed harvest.
Commodity funds were net buyers of CBOT corn futures contracts on Thursday and net sellers of soybeans, wheat, soymeal and soyoil futures, traders said. (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)
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