Chicago Agriculture Commodities Finished Mixed
$CORN, SOYB, $WEAT
Chicago Board of Trade (CBOT) grains futures finished mixed Monday, with Corn and Soybean futures falling, 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 Soybeansedged down 16 cents, or 1.63%, to 9.6425 bu.
The US Department of Agriculture (USDA) Monday projected farmers this fall will collect a record 15.09 -B bu Corn and 4.2-B bu of Soybean, topping 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 third straight year of falling prices for some crops.
The Soybean figure was eye popping and suggests that the big bean crop continues to get bigger.
The huge harvest is the result of benevolent 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 also 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 the MY 2015-16 at 240.9-M tonnes 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.
Have a terrific week