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Chicago futures retreat on downbeat U.S. projections

Xinhua, December 12, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybean futures settled all lower on Friday as the U.S. Department of Agriculture (USDA) said the crop prices was projected to stay low for the next decade.

The most active wheat contract for March delivery lost 5 cents, or 1.01 percent, to close at 4.905 U.S. dollars per bushel. Corn for March delivery dropped 4 cents, or 1.05 percent, to close at 3.7525 dollars per bushel. January soybeans delivery was down 7.5 cents, or 0.85 percent, to close at 8.7075 dollars per bushel.

The USDA on Friday released the early-release USDA Agricultural Projections to 2025 report that that the average prices of U.S. corn, wheat and soybeans will fall further in 2016, and rally slightly in 2017 but remain at a low level in the next 10 years.

The report showed U.S. corn production in 2016 crop year is expected to rise nearly 2 percent from 2015, which is based on a 2.3 percent increase in corn planted acreage in 2016. It's much larger than market expectations.

The USDA projected 2016 soybean ending stocks are 412 million bushels, compared to 2015's 465 million bushels. Corn stocks are also expected a bit lower than the current crop year. Wheat were put a 1.8 percent stock rise in 2016 by the USDA.

Into 2020, corn price are forecast to range from 3.60 dollars per bushel to 3.70 dollars per bushel; wheat prices range from 4.40 dollars to 4.75 dollars, and soybean prices range from 8.65 dollars to 9.10 dollars, according to the USDA long-term projections.

Chicago soybeans were put some pressure by the South American forecast maintaining a favorable pattern shift in Brazil beginning early next week, with meaningful rain to persist across Brazil's soybean belt well into late December.

For the week, the most active corn contract for March delivery lost 1.64 percent, March wheat added by 1.24 percent, while January soybeans shed 3.89 percent. Endit