SYDNEY, Nov 4: U.S. Corn futures fell for the fourth straight session today, the longest slide in more than three months, as an improved production outlook in Argentina and expectations of a bumper crop in the United States weighed on the market.
Soybeans edged higher for the first time in three sessions, while wheat was unchanged.
Chicago Board of Trade December corn futures fell 0.12 percent to $4.26-3/4 a bushel, having slid 0.2 percent on Friday when the grain hit a three-year low of $4.25-3/4.
“There have been some very favourable rains across Argentina over the past few days, which has really provided an improvement in the planting environment,” said Luke Mathews, a commodities strategist at the Commonwealth Bank of Australia.
Heavy rain fell across Argentina last week, bringing relief after dry fields had threatened crop planting.
Corn also came under pressure from forecasts of a record U.S. crop ahead of a U.S. Department of Agriculture (USDA) forecast on Friday.
According to preliminary results of a Reuters poll, nearly every analyst is pegging this season’s crop at 13.8 billion bushels or higher, with several expecting it to be above 14.0 billion.
That would beat the record crop of 13.1 billion bushels four years ago.
Trade sources said Informa Economics had on Friday pegged 2013 U.S. Corn production at 14.223 billion bushels, up from its previous forecast of 14.010 billion.
A USDA attache in China forecast Chinese corn production of 210 million tonnes in the 2013/14 marketing season, 1 million tonnes lower than the last official USDA estimate but still a record crop.
January soybeans rose 0.3 percent to $12.55-1/4 a bushel, having closed down 1.2 percent on Friday.
Analysts said soybeans were drawing support from improved crushing margins, with Chinese interest underpinning gains.
Soybean export sales for 2013/14 had reached 4.7 million tonnes, topping estimates, the USDA said. China, the world’s largest buyer of soybeans, bought nearly half of the soy, some 2.1 million tonnes.
December wheat was unchanged at $6.67-3/4 a bushel, having closed marginally higher on Friday.
Grains prices at 0345 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 667.75 0.00 +0.00% +0.04% 684.99 27 CBOT corn 426.75 -0.50 -0.12% -0.35% 440.35 23 CBOT soy 1255.25 3.75 +0.30% -0.87% 1275.51 34 CBOT rice $15.10 $0.04 +0.23% -0.03% $15.28 42 WTI crude $94.59 -$0.02 -0.02% -1.86% $100.53 22 Currencies
Euro/dlr $1.348 -$0.001 -0.06% -0.77%
USD/AUD 0.948 0.004 +0.46% +0.23%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(agencies)
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