Corn Falls as Harvest Advances; Soybeans Inch Up

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By Jesse Newman

CHICAGO--Corn futures declined Thursday as the fall harvest gained momentum in the U.S. Midwest, with a big crop likely to add to generous domestic supplies. Wheat dipped while soybeans edged higher.

Prices for corn slid as growers made progress collecting crops in the Farm Belt, gathering up grain that will help build U.S. corn stockpiles to a 29-year high next year. Corn yields have varied since the nation's harvest began, spurring skepticism over the government's projection for record production and yields, but analysts said growers now are beginning to report better yields as harvest deepens.

Corn futures for delivery in December fell 3 1/4 cents, or 1%, to $3.36 3/4 a bushel at the Chicago Board of Trade.

Wheat futures also lowered, weighed down by falling corn prices and ample domestic inventories, which also are expected to swell to the largest in nearly three decades next year.

CBOT December wheat shed 2 1/4 cents, or 0.6%, to $4.05 1/2 a bushel.

Meanwhile, soybean prices inched upward, bolstered by concerns over drenching Midwest rains and proof of ongoing demand for U.S. supplies of the oilseeds. The USDA on Thursday said private exporters had booked sales totaling 391,000 metric tons of soybeans for delivery to China and unknown destinations.

Prices for soybeans drew further support from heavy rains which have swamped parts of major farm states like Iowa and Minnesota, potentially denting crop yields. Some crops in those states could be lost to flooding, though expectations remain for a massive U.S. soybean harvest.

CBOT November soybean futures added 1 cent, or 0.1%, to $9.76 1/2 a bushel.

Write to Jesse Newman at jesse.newman@wsj.com


  (END) Dow Jones Newswires
  09-22-161556ET
  Copyright (c) 2016 Dow Jones & Company, Inc.



This article appears in: Commodities


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