Grains decline; Corn falls to 3-year low on improving U.S. harvest
Investing.com
Published Oct 29, 2013 09:19AM ET
On the Chicago Mercantile Exchange, corn futures for December delivery traded at USD4.2938 a bushel, down 0.25%. Corn prices fell to a session low of USD4.2900 a bushel, the weakest level since August 26, 2010.
The December corn contract settled 2.1% lower on Monday to end at USD4.3060 a bushel.
The U.S. Department of Agriculture said Monday that nearly 59% of the corn harvest was completed as of October 27, up from the 39% harvested a week earlier.
The agency said that approximately 62% of the corn crop was rated in ‘good’ to ‘excellent’ condition, improving from 60% in the preceding week.
Futures have been on a downward trend in recent weeks amid expectations this year’s corn harvest in the U.S. will be the largest on record.
Meanwhile, soybeans futures for January delivery traded at USD12.6625 a bushel, down 0.1%. Prices of the oilseed fell to a session low of USD12.6440 a bushel earlier, the weakest level since October 14.
The January soy contract ended 1.97% lower at USD12.6800 a bushel on Monday.
The USDA said that approximately 77% of the U.S. soy harvest was completed as of last week, in line with the five-year average for this time of year and up from 63% harvested a week earlier.
Elsewhere on the CBOT, wheat for December delivery traded at USD6.7975 a bushel, 0.2% lower. Wheat prices slumped to a daily low of USD6.7920 a bushel earlier, the weakest level since October 16.
The December contract settled down 1.41% on Monday to end at USD6.8100 a bushel.
Market players continued to monitor crop prospects and weather conditions in the U.S., South America and countries in the Black Sea-region.
Wheat prices have been well-supported in recent weeks as concerns over global crop prospects fuelled expectations demand for U.S. supplies will increase in the near-term.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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Written By: Investing.com
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