Investing.com - U.S. grain prices ended Friday's session mostly
lower, with corn and soybean futures falling sharply after the U.S.
Department of Agriculture raised its estimate for domestic corn and
Market players also continued to monitor weather conditions across
grain-growing regions in the U.S. Midwest and in the Great Plains.
On the Chicago Mercantile Exchange, corn futures for September
delivery tumbled 2.9% on Friday to settle the week at USD5.4413 a
Earlier in the session, the September contract fell to a daily low
of USD5.4363 a bushel, the weakest level since July 9.
The USDA said on Thursday that U.S. stockpiles before the 2014
harvest will total 1.959 billion bushels, up 0.5% from its
month-earlier prediction of 1.949 billion bushels.
Market analysts expected the USDA to cut its corn outlook by 3.5%
to 1.874 billion bushels.
The agency also said that this fall's U.S. corn harvest will total
13.95 billion bushels, an all-time high.
According to the USDA, global supplies will total 150.97 million
tons, below expectations for 152.4 million tons.
Despite Friday's dismal performance, corn futures rose 3.2% on the
week, amid earlier concerns that warm weather in key corn-growing
states in the U.S. may damage crops.
Meanwhile, soybeans for August delivery plunged 3% Friday to settle
the week at USD14.2813 a bushel by close of trade.
Earlier in the day, the August contract slumped to a daily low of
USD14.2775 a bushel, the weakest level since July 8.
Prices of the oilseed declined 0.3% on the week.
The USDA raised its forecast for domestic soybean stocks as of
August 31 to 295 million bushels, up 11% from the 265 million
bushels estimated a month ago.
Analysts had projected 270 million bushels.
The report also showed that global supplies of the oilseed will
total 74.12 million tons, a record high.
Elsewhere on the Chicago Board of Trade, wheat for September
delivery eased down 0.2% on Friday to settle the week at USD6.8100
On the week, CBOT wheat futures rose 3.6%.
The USDA said U.S. wheat reserves at the end of the crop's current
marketing year on May 31 will total 576 million bushels, down from
659 million bushels estimated last month.
Market analysts expected the USDA to cut its wheat forecast to 624
The agency said it expected U.S. wheat exports to be 100 million
bushels higher in the current crop year than it previously
forecast, citing "strong sales, particularly to China."
According to the USDA, global wheat inventories will total 172.38
million tons, down 4.9% from a previous forecast.
In the week ahead, corn and soybean traders will continue to pay
close attention to weather forecasts for grain-growing regions in
the U.S. Midwest, while wheat traders will monitor temperatures in
the Great Plains-region.
Corn is the biggest U.S. crop, followed by soybeans, government
figures show. Wheat was fourth, behind hay.
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