U.S. grain futures extended losses on Tuesday, with corn hitting a near six-month low, after the U.S. Department of Agriculture surpassed market expectations with projections for ample supplies.
Chicago Board of Trade front-month corn futuresfell 0.29 percent to $4.22-3/4 a bushel, after hitting $420, the lowest since January 10.
September corn futures, the most actively traded contract, fell 0.42 percent to $4.17 a bushel, hitting a fresh contract low.
"The USDA report from last night continues to weigh," said Paul Deane, senior agricultural economist, ANZ Bank. "There will be funds trying to close positions and limit losses."
The U.S. Department of Agriculture said U.S. corn stocks as of June 1 were 3.85 billion bushels, up 39 percent from a year ago, and above the trade guess of 3.72 billion.
Corn planting was seen at 91.6 million acres, implying a crop of almost 13.9 billion bushels, just below the record, using a projected yield of 165.3 bushels per acre.
Adding to pressure, analysts said, was confirmation that recent wet weather across the key growing conditions aided crops.
U.S. corn crop improved and soybean ratings held steady at their highest in 20 years due to warm temperatures and rain in key production areas of the Midwest, the U.S. government said on Monday.
Ratings for corn topped analysts' expectations while soybean ratings were in line with market forecasts.
November soybean futuresfell 0.58 percent to $11.50-1/2 a bushel, just above the session low of $11.48-1/2 a bushel, the lowest since March 3. Soybeans closed down 5.8 percent on Monday, the biggest single session loss ever for the contract.
Dalian Commodity Exchange January soybean futuresfell nearly 3 percent on the USDA forecast.
USDA reported June 1 soybean stocks at 405 million bushels, above the average trade estimate of 378 million.
USDA forecast soybean plantings up 11 percent on the year to a record high 84.8 million acres. Projected harvested acreage will be a record by more than 7.4 million acres.
September wheat futuresfell 0.26 percent to $5.76 a bushel, having closed down 2.7 percent on Monday.
Source: Reuters
Chicago Board of Trade front-month corn futures
September corn futures
"The USDA report from last night continues to weigh," said Paul Deane, senior agricultural economist, ANZ Bank. "There will be funds trying to close positions and limit losses."
The U.S. Department of Agriculture said U.S. corn stocks as of June 1 were 3.85 billion bushels, up 39 percent from a year ago, and above the trade guess of 3.72 billion.
Corn planting was seen at 91.6 million acres, implying a crop of almost 13.9 billion bushels, just below the record, using a projected yield of 165.3 bushels per acre.
Adding to pressure, analysts said, was confirmation that recent wet weather across the key growing conditions aided crops.
U.S. corn crop improved and soybean ratings held steady at their highest in 20 years due to warm temperatures and rain in key production areas of the Midwest, the U.S. government said on Monday.
Ratings for corn topped analysts' expectations while soybean ratings were in line with market forecasts.
November soybean futures
Dalian Commodity Exchange January soybean futures
USDA reported June 1 soybean stocks at 405 million bushels, above the average trade estimate of 378 million.
USDA forecast soybean plantings up 11 percent on the year to a record high 84.8 million acres. Projected harvested acreage will be a record by more than 7.4 million acres.
September wheat futures
