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Chicago wheat, corn, soybean lower on USDA crop planting report

Xinhua, September 17, 2015 Adjust font size:

The Chicago Board of Trade (CBOT) corn, wheat and soybean futures settled lower Wednesday as the U.S. Department of Agriculture (USDA) reported more planted crop acreage in September than its forecast last month.

The most active corn contract for December delivery shed 4.5 cents, or 1.15 percent, to close at 3.86 U.S. dollars per bushel. December wheat lost 6.5 cents, or 1.31 percent, to close at 4.8825 dollars per bushel. November soybeans dropped 1.75 cents, or 0.20 percent, to close at 8.6725 dollars per bushel.

The USDA's Farm Service Agency (FSA) reported Wednesday that 51.1 million acres of wheat was planted by U.S. farmers as of early September, as well as 80.5 million acres soybeans, and 84.1 million acres of corn.

"The market turned lower as FSA reported additional acres," said AgResource, a Chicago-based agricultural research institute. The institute said the wheat acreage announced as planted/failed rose about 500,000 acres from the initial August FSA forecast, while the planted acreage added more than 5 million acres in corn, and over 3 million acres in soybeans.

The weekly ethanol production report released by the U.S. Energy Information Administration on Wednesday showed a modest rise in production, which was seen as neutral to corn futures. U.S. ethanol production through the week ending Sept. 11 was up 0.3 percent from the prior week, to 961,000 barrels per day, which used an estimated 99 million bushels of corn, still lower than the pace needed to meet the USDA forecast in 2014/15 marketing year. Enditem