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Chicago corn, soybeans, wheat sharply lower as USDA raises crop stock outlook

Xinhua, November 11, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, soybean and wheat futures fell Tuesday for a second straight session as the U.S. government raised its outlook for domestic crop production and stocks in a monthly report.

The most active corn contract for December delivery lost 7.75 cents, or 2.11 percent, to 3.59 U.S. dollars per bushel. December wheat delivery dropped 11 cents, or 2.19 percent, to 4.9075 dollars per bushel. November soybeans shed 10.75 cents, or 1.24 percent, to 8.555 dollars per bushel.

The U.S. Department of Agriculture (USDA) revised up estimates for U.S. corn ending stocks for 2015/16 crop year by almost 200 million bushels from the October figures in the World Agricultural Supply and Demand Estimates(WASDE) report released on Tuesday, strongly undercutting corn futures.

Chicago soybeans hit a seven-year low for a most-active contract, as the report also raised U.S. soybean production and average yield estimates for 2015/16. The USDA also raised its outlook for U.S. soybean ending stocks from the previous month.

Meanwhile, the USDA lowered its projection for U.S. wheat exports for 2015/16 by 50 million bushels from October, and raised wheat ending stocks. U.S. wheat exports would be the lowest since 1971/72; ending stocks are the highest since 2009/10, according to the WASDE report for November.

"The USDA's November WASDE report are viewed as bearish with U.S. corn, wheat and soybean ending stocks raised by more than expected," said AgResource company, a Chicago-based agricultural research institute.

"The market is left waiting for adverse weather for any sustained rally to develop," it said. Endit