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Chicago farm produce futures trading ends mixed on USDA's big crop forecast

Xinhua, May 13, 2015 Adjust font size:

Prices of soybean futures trading at the Chicago Board of Trade (CBOT) fell sharply Tuesday as U.S. Department of Agriculture (USDA) forecast a larger-than-expected harvest this autumn in its monthly report, while corn and wheat futures remained almost unchanged.

The most active corn contract for July delivery added 0.5 cents, or 0.14 percent, to close at 3.61 U.S. dollars per bushel. Wheat for July delivery fell 0.5 cents, or 0.10 percent, to settle at 4. 805 dollars per bushel. July soybeans decreased 18.5 cents, or 1. 90 percent, to end at 9.555 dollars per bushel.

CBOT soybean futures fell as a USDA monthly report released Tuesday projected a larger-than -expected harvest, and a decrease of the crop's export next year, analysts said.

In the report "World Agricultural Supply and Demand Estimates," USDA said soybean growers will harvest 3.85 billion bushels this autumn, smaller than last year's record output but higher than average, analyst forecasts. While soybean exports are projected at 1.775 billion bushels, down 25 million from 2014/15 period.

With larger supplies and smaller export, U.S. ending stocks of soybean for 2015/16 season are projected at 500 million bushels, up 150 million from 2014/15 period, the report said, adding that the U.S. season-average soybean price for 2015/16 period will decline to a range of 8.25 U.S. dollars and 9.75 dollars per bushel, compared with 10.05 dollars in the 2014/15 season.

Global soybean production is projected at 317.3 million metric tons, almost unchanged from 2014/15 season with gains for Brazil, India, Paraguay. Analysts noted that this means more pressure for U.S. soybean export.

According to the same report, the U.S. corn will total 13.63 billion bushels this autumn, slightly higher than analysts' estimates of 13.55 billion, but lower than last year's record high of 14.216 billion bushels, while U.S. wheat supplies for 2015/16 are projected to be up 6 percent from 2014/15, and all wheat production is projected at 2.087 billion bushels. Endite