Grains extend losses; Corn falls to 3-year low on U.S. crop prospects
Investing.com
Published Oct 02, 2013 06:14AM ET
On the Chicago Mercantile Exchange, corn futures for December delivery traded at USD4.3563 a bushel, down 0.65%. Prices fell to a session low of USD4.3513 a bushel earlier in the day, the weakest level since August 30, 2010.
The December corn contract settled 0.57% lower on Tuesday to end at USD4.3900 a bushel.
Corn prices have been on a downward trend in recent weeks as investors monitored improving crop prospects in the U.S. Midwest.
The U.S. Department of Agriculture said earlier in the week that the U.S. corn crop will total 13.8 billion bushels in the 2013 marketing season, 28% larger than last year’s harvest and the largest crop on record.
Elsewhere on the CBOT, soybeans futures for November delivery traded at USD12.6663 a bushel, down 0.1%. Prices of the oilseed fell to a daily low of USD12.6388 a bushel earlier in the session, the weakest since February 2012.
The November soy contract ended down 1.15% at USD12.6800 a bushel on Tuesday.
According to the USDA, approximately 11% of the U.S. soy harvest was completed as of last week, improving from 3% harvested in the preceding week.
The USDA also said that 53% of the soy crop was in ‘good’ to ‘excellent’ condition as of last week, up from 50% a week earlier.
Meanwhile, wheat for December delivery traded at USD6.7938 a bushel, down 0.3%. Wheat futures traded in a range between USD6.7800 a bushel, the daily low and a session high of USD6.8263 a bushel.
The December contract settled 0.4% higher at USD6.8120 a bushel on Tuesday.
Wheat prices have been well-supported in recent sessions amid ongoing indications of robust demand for U.S. wheat supplies.
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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