--U.S. grain futures fall as traders were disappointed by USDA corn-inventories forecast
--Soybeans rise on lower supply forecasts
--Wheat pressured by cheaper corn and by higher-than-expected U.S. wheat-supply forecast
By Owen Fletcher CHICAGO--U.S. grain futures fell Friday while soybean futures rose on supply forecasts from the U.S. Department of Agriculture.
Chicago Board of Trade September corn futures fell 18 1/4 cents, or 2.2%, to $8.00 a bushel. CBOT September wheat fell 27 3/4 cents, or 3.0%, to $8.85 1/4 a bushel.
August soybeans, thinly traded ahead of the contract's Aug. 14 expiration, rose 15 cents, or 0.9%, to $17.09 1/2 a bushel. Most-active November soybeans rose 12 1/2 cents, or 0.8%, to $16.43 3/4 a bushel.
The USDA Friday cut its soybean production forecast to 2.69 billion bushels from 3.05 billion bushels. It also cut its forecast for corn production to 10.779 billion bushels from 12.97 billion bushels.
The cuts were greater than expected, and soybean prices benefited. Corn futures also jumped at first, but then fell as analysts were disappointed that the USDA's forecast for domestic corn inventories was no lower than analysts had expected.
September corn futures traded as high as $8.43 3/4 cents a bushel in the minutes after the report's release, setting a record intraday high for the front-month contract.
Wheat futures fell on the weakness in corn prices and on a higher-than-expected USDA forecast for domestic wheat inventories.
Write to Owen Fletcher at [email protected]
--Soybeans rise on lower supply forecasts
--Wheat pressured by cheaper corn and by higher-than-expected U.S. wheat-supply forecast
By Owen Fletcher CHICAGO--U.S. grain futures fell Friday while soybean futures rose on supply forecasts from the U.S. Department of Agriculture.
Chicago Board of Trade September corn futures fell 18 1/4 cents, or 2.2%, to $8.00 a bushel. CBOT September wheat fell 27 3/4 cents, or 3.0%, to $8.85 1/4 a bushel.
August soybeans, thinly traded ahead of the contract's Aug. 14 expiration, rose 15 cents, or 0.9%, to $17.09 1/2 a bushel. Most-active November soybeans rose 12 1/2 cents, or 0.8%, to $16.43 3/4 a bushel.
The USDA Friday cut its soybean production forecast to 2.69 billion bushels from 3.05 billion bushels. It also cut its forecast for corn production to 10.779 billion bushels from 12.97 billion bushels.
The cuts were greater than expected, and soybean prices benefited. Corn futures also jumped at first, but then fell as analysts were disappointed that the USDA's forecast for domestic corn inventories was no lower than analysts had expected.
September corn futures traded as high as $8.43 3/4 cents a bushel in the minutes after the report's release, setting a record intraday high for the front-month contract.
Wheat futures fell on the weakness in corn prices and on a higher-than-expected USDA forecast for domestic wheat inventories.
Write to Owen Fletcher at [email protected]