Investing.com - U.S. corn and soybean futures fell to their lowest levels in more than four-years on Monday, as ongoing optimism over domestic and global grain supplies weighed.
On the Chicago Mercantile Exchange, U.S. corn for December delivery fell to a session low of $3.3013 a bushel, a level not seen since June 2010.
Prices recovered to last trade at $3.3038 during U.S. morning hours, down 0.62 cents, or 0.19%.
Corn prices lost 6.6 cents, or 2% to end at $3.3140 on Friday, as expectations of record yields across much of the U.S. grain belt drove prices lower.
The U.S. Department of Agriculture estimated on September 11 that the U.S. corn harvest will hit a record-high 14.39 billion bushels, up from a projection of 14.03 billion in August.
Global ending stocks were forecast to exceed 2 billion bushels for the first time in a decade.
Meanwhile, U.S. soybeans for November delivery slumped to a daily low of $9.4213 a bushel, the weakest level since July 2010, before trading at $9.4288, down 14.12 cents, or 1.48%.
The November soybean contract lost 14.4 cents, or 1.49%, to close at $9.5700 on Friday as ongoing expectations for a record U.S. harvest weighed.
The USDA estimated earlier in the month that this fall's U.S. harvest would reach an all-time high of 3.913 billion bushels.
Soybean ending stocks will more than triple in the 2014-15 marketing season to 475 million bushels, the highest since the 2006-07 season.
Elsewhere on the CBOT, U.S. wheat for December delivery tacked on 4.42 cents, or 0.93%, to trade at $4.7963 a bushel as investors returned to the market to seek cheap valuations.
Wheat prices plunged 14.0 cents, or 2.87% on Friday to settle at $4.7440, the lowest since June 2010, as concerns over weak demand and plentiful global supplies weighed.
According to the USDA, exporters sold 314,500 metric tons of U.S. wheat last week, down 55% from a week ago and below the range of market forecasts for 450,000 to 650,000 tons.
The USDA said on September 11 that U.S. ending stocks were forecast at 698 million bushels, up from a previous estimate of 663 million, due in large part to weak export demand for U.S. supplies.
Global wheat inventories at the end of the 2014-15 season will total 196.38 million metric tons, up from 192.96 projected in August.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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