CHICAGO, (PNA/Xinhua) — Chicago agricultural commodities fell across the board Friday, with all three registering more than 1 percent drop.
The most active corn contract for December delivery dropped 7. 25 cents, or 1.55 percent, to close at 4.59 U.S. dollars per bushel. December wheat fell 11.5 cents, or 1.76 percent, to close at 6.415 dollars per bushel. November soybeans slipped 14.5 cents, or 1.04 percent, to close at 13.815 dollars per bushel.
December corn dropped on reports of active harvest in the U.S. Midwest. Investors are waiting for updated data on preventative planted corn acreage to be released next week by the U.S. Farm Security Administration. Some expect the figure to go down by about 3 million acres, while more are looking for minor changes to planted acreage.
December wheat traded lower as new sellers hit the market after a report released by the U.S. Department of Agriculture (USDA) Thursday showed that the world ending stocks have increased.
Profit taking ahead of the weekend also dampened wheat. Moreover, Australia will have showers in the next couple of weeks, beneficial to growth of wheat; and harvest will start in November and December for wheat exporting countries in the southern hemisphere.
November soybean slipped on market expectations for another bumper crop in South America and on likely increases in the U.S. soybean planting in the next year.
Harvest has begun in the U.S. southeast and delta, dampening soybean prices. Besides, the National Oilseed Processors Association will release updated crush data next week, with many looking for a 3-5 million bushel decrease from 116.338 million bushels in August.
Nevertheless, market worries that soybean supply and carryout forecast for 2013-14 may decline further in a USDA report due out in October offered support to soybean, curbing its fall somehow.