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Markets

Corn, soybeans set for 2nd week of losses ahead of US report

  • Wheat lost ground and was on track for its biggest weekly drop in two months
10 Sep 2021

SINGAPORE: Chicago corn and soybean futures ticked higher on Friday, but both markets were set for a second week of decline on expectation of higher production in the United States.

Wheat lost ground and was on track for its biggest weekly drop in two months.

The most-active corn contract on the Chicago Board of Trade (CBOT) rose 0.4% to $5.12 a bushel as of 0252 GMT.

For the week, corn is down 2.3% and soybeans have dropped 1.4%. Wheat has given up 4.8% this week.

The US Department of Agriculture's monthly World Agricultural Supply and Demand Estimates (WASDE) and crop production reports will be published later in the session.

The market is expecting the agency to raise its estimates for US corn and soybean production outlook.

For the wheat market, additional pressure stemmed from higher supplies in Canada. Total stocks of Canadian wheat on July 31 were up 3.7% compared with the same date in 2020, even though exports increased on strong global demand, Statistics Canada said on Wednesday.

Argentine farmers are expected to harvest 48.8 million tonnes of soybeans in the 2021/22 season, down slightly from a previous estimate of 49 million, the Rosario grains exchange said, citing a slight shift by some farmers toward more profitable corn.

Commodity funds were net sellers of CBOT wheat, soybean and soyoil futures contracts on Thursday, traders said. They were net sellers for corn and soymeal as well.

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