Corn fell on forecasts of a record large U.S. harvest, wheat firmed ahead of a U.S. interest rate decision.
Chicago soybeans fell on Monday, as lacking demand from China for U.S. supplies pressured, with traders watching for signs of progress as U.S.-China trade talks resumed in Madrid.
Corn fell on forecasts of a record large U.S. harvest, wheat firmed ahead of a U.S. interest rate decision.
Chicago Board of Trade most active soybeans fell 0.5% to $10.41 per bushel at 1128 GMT. Corn fell 1.1% to $4.25-1/4 a bushel, wheat rose 0.1% to $5.24-1/2 a bushel.
“Attention has returned to the forecasts of large U.S. corn and soybean crops made by the USDA on Friday, which are fundamentally bearish,” said Matt Ammermann, commodity risk manager at StoneX. “Markets are watching for signs that the U.S.-China trade talks in Madrid will bring prospects of a resumption of U.S. soybean and grain exports to China, basically stopped since the trade war started.”
“But it is pretty clear that U.S.-China relations are rather sour, and China simply is fine with alternative supplies, including soybeans from Brazil it has been able to buy since the trade war started, enabling China to successfully diversify sources away from the U.S.”
U.S. farmers will harvest a record corn crop this autumn, eclipsing the previous record set two years ago by nearly 1.5 billion bushels after gathering their largest acreage in 92 years, the U.S. Department of Agriculture (USDA) said on Friday.
The USDA put U.S. soybean production at 4.301 billion bushels, up from 4.292 billion bushels estimated a month earlier.
The USDA raised its U.S. soybean ending stocks forecast, after cutting its export projection to the lowest since the trade war with China.
“Wheat is drifting with little news today, with some support from expectations a possible U.S. interest rate cut this week could bring dollar weakness, export-positive for U.S. supplies,” Ammermann said.
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