Chicago soybeans, wheat, corn retreat on improved U.S. crop prospects

Chicago Board of Trade (CBOT) soybeans and grains retreated on a likely rise in U.S. grain and soy yields in a government monthly report.

The most active corn contract for December delivery lost 2.25 cents, or 0.58 percent, to 3.8675 U.S. dollars per bushel. December wheat delivery dropped 2.25 cents, or 0.44 percent, to 5.055 dollars per bushel. November soybeans fell 12.5 cents, or 1.41 percent, to 8.7675 dollars per bushel.

Soybean prices led the declines Monday, as reported crop-yield beat expectations recently, prompting speculation that the government would ultimately maintain or raise estimates for this year's harvest in its upcoming monthly reports.

Grain futures dropped, weighed down by an improving outlook for world crops and ample global supplies of the grain.

The U.S. weekly export inspections released by the U.S. Department of Agriculture(USDA) on Monday showed that soybean inspections through the week ending Sept. 24 rose by 5.5 percent from the prior week, corn shipments were up more than 10 percent from the previous week, wheat exports logged a 6.4 percent rise, respectively.

However, for their respective crop years to date, the U.S. has shipped 2,750,026 metric tons of corn, down 12.7 percent from a year ago; 1,429,787 tons of soybeans, down almost 5 percent from last year; and 7,486,414 tons of wheat, down more than 15 percent from the previous year, according to the USDA.

Analysts believed that the U.S. would struggle to boost or even retain market share without a major weather issue in late 2015 or early 2016. Endit