Chicago Agriculture Commodities Finished Mixed
$CORN, $SOYB, $WEAT
Chicago Board of Trade (CBOT) grain futures finished mixed Monday, with Corn and Soybean futures falling, and Wheat futures rising.
The most active Corn contract for December delivery fell 1.5 cents, or 0.44%, to 3.395 bu.
December Wheat delivery rose 5.75 cents, or 1.43%, to 4.0925 bu.
November Soybean edged down 16 cents, or 1.63%, to 9.6425 bu.
The US Department of Agriculture Monday projected farmers this fall will collect a record 15.09-B bu of Corn and 4.2-B bu of Soybean, topping agriculture analyst expectations and pressuring futures prices for the crops.
The record harvest could spell more trouble for farmers straining to cut costs and bunker grain amid a 3rd year running of falling prices for the crops.
The Soybean figure was “eye popping” and suggests that the big Soybean crop continues to get bigger.
The huge haul is the result of good weather including ample rainfall that blessed much of the Midwest in August, the Key month for determining Soybean yields.
Monday, it took precedence for traders over a sizable bump in Soybean exports for the MY 2015-16, a sign of voracious foreign demand for US supplies of the oilseed.
Corn prices declined after the USDA trimmed its projection for output of that crop, but by less than analysts had anticipated.
The USDA pegged world Wheat stockpiles at the end of MY 2015-16 at 240.9-M tonne, while reserves the following season are seen at 249.1-M tonnes. Both figures are lower than those projected by the government last month.
Federal forecasters left untouched their projection for US Wheat reserves of 1.1-B bu at the end of MY 2016-17.
That leaves domestic growers with little hope for a prolonged price surge unless bad weather strikes a rival’s crop abroad.