U.S. grains: Corn, soybean futures fall

Chicago wheat futures firm

CBOT December 2021 corn (candlesticks) with 20-, 50- and 100-day moving averages (yellow, orange and dark green lines). (Barchart)

Chicago | Reuters — Chicago Board of Trade corn and soybean futures fell on Wednesday on seasonal harvest pressure and forecasts that should allow U.S. farmers to continue to make good progress with the cutting of their crops, traders said.

“Harvest should continue to expand with weather allowing for quick progress with yields holding up well overall so far,” FuturesOne said in a note to clients.

Wheat futures were firmer on a round of bargain buying after falling on Tuesday but gains were kept in check by lukewarm demand for U.S. supplies.

Egypt’s state grains buyer, the General Authority for Supply Commodities said that it bought 180,000 tonnes of Russian wheat and 60,000 tonnes of Ukrainian wheat in an international tender. No U.S. supplies were offered in the tender.

Chicago Board of Trade December soft red winter wheat futures settled up 1-1/4 cents at $7.46 a bushel (all figures US$).

CBOT November soybeans were 8-1/2 cents lower at $12.42 a bushel while CBOT December corn was down 5-1/4 cents at $5.32-1/4 a bushel.

“Yields are good,” Summit Commodity Brokerage analyst Tomm Pfitzenmaier said. “They are pretty good across the board in corn and beans.”

Soft wheat exports from the European Union in the 2021-22 season that started in July had reached 8.07 million tonnes by Oct. 3, up from 5.56 million tonnes by the same week in 2020-21.

In Ukraine the agriculture ministry lowered its forecast for the 2021 grain harvest to 80.25 million tonnes from 80.63 million, ministry data showed on Wednesday.

— Mark Weinraub is a Reuters commodities correspondent in Chicago; additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris.

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