Chicago | Reuters –– U.S. corn futures fell to the lowest in more than three weeks and soybeans also eased, pressured by the ongoing Midwest harvest, while wheat fell one per cent in subdued trading on Thursday.
At the Chicago Board of Trade, December corn settled down 3-1/2 cents at $3.75-1/2 per bushel after dipping to $3.75, its lowest since Sept. 21 (all figures US$).
CBOT November soybeans fell 5-1/4 cents to $9.05-1/4 a bushel, and December wheat ended down 5-3/4 cents at $5.02-1/2 a bushel.
“One of the most negative factors for the market right now is ongoing yield reports and harvest pressure,” said market analyst Karl Setzer of the MaxYield Cooperative in West Bend, Iowa.
“Soybean yields continue to run above expectations in many regions of the entire Corn Belt. Corn is also at the top end of expectations in several regions, although it is not record-sized,” Setzer said.
Monthly U.S. soy crushing data from the National Oilseed Processors Association was slightly bearish. NOPA said its U.S. members crushed 126.7 million bushels of soybeans last month, below the average estimate of 129.2 million by analysts in a Reuters survey. Nonetheless, the figure was the highest for any September since 2007.
Traders continue to monitor weather in South America, where farmers are planting soybeans. Conditions have been dry in Brazil’s top soybean state of Mato Grosso. But it is too early for dryness to curtail Brazilian soybean acreage, MDA Weather Services said.
“As long as rainfall returns somewhat closer to normal by early November, which we do expect to occur, the dry weather seen during October should not have a notable impact on crops,” MDA said in a note to clients.
USDA has projected the 2015-16 Brazilian soybean harvest at a record high of 100 million tonnes.
The CBOT December wheat contract fell to a two-week low of $5.02 but held above chart support at $5.
Egypt, the world’s biggest wheat importer, bought 240,000 tonnes of Russian and Romanian wheat in an international tender. No U.S. supplies were offered.
U.S. wheat has struggled to compete with cheaper grain from the Black Sea region.
— Julie Ingwersen is a Reuters correspondent covering grain markets from Chicago. Additional reporting for Reuters by Nigel Hunt in London and Naveen Thukral in Singapore.