By Jesse Newman
CHICAGO--Corn and soybean futures extended losses Wednesday as projected record U.S. harvests weighed on prices for the crops. Meanwhile, wheat gained.
Soybean prices led the way lower, falling for a second consecutive session amid growing expectations that upcoming government forecasts for the U.S. crop would show farmers reaped a bigger haul this year than expected. Private firm INTL FCStone recently projected the U.S. soybean crop would reach 4.386 billion bushels on yields of 52.8 bushels an acre, analysts said, which beats the U.S. Department of Agriculture's October forecast for 4.269 billion bushels and yields of 51.4 bushels per acre.
The firm's estimate reflects reports of strong yields coming from Midwest farmers and helped fuel anticipation on Wednesday that the government would raise its own forecast for a record soybean crop in a monthly report due out next week.
Soybean futures for November declined 7 1/2 cents, or 0.8%, to $9.76 3/4 a bushel at the Chicago Board of Trade.
Favorable growing conditions in Brazil, a key world producer of the oilseeds, also added to negative sentiment in the market.
Corn prices fell for a fourth consecutive session on expectations U.S. farmers are collecting their biggest-ever harvest, with INTL FCStone forecasting the nation's crop at 15.226 billion bushels on yields of 175.3 bushels an acre, analysts said. That tops the USDA's latest projection for 15.057 billion bushels of corn and yields of 173.4 bushels per acre.
CBOT December corn futures dropped 2 3/4 cents, or 0.8%, to $3.46 1/4 a bushel.
Wheat prices rose, lifted in part by concerns that poor weather globallycould dent output of the crop. Prices for the grain fell to a 10-year low earlier in the year due to record global stockpiles and limited demand for U.S. supplies, though weather problems in places like Australia and Ukraine could curb world production, analysts said, potentially increasing appetite for U.S. grain exports.
CBOT December wheat rose 3 1/2 cents, or 0.8%, to $4.17 3/4 a bushel.
Write to Jesse Newman at email@example.com
(END) Dow Jones Newswires
November 02, 2016 16:01 ET (20:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.