SINGAPORE: Chicago corn futures lost more ground on Wednesday, with prices weighed down by expectations of a record US harvest, which is prompting farmers to sell their stored crops.
Wheat fell for the first time in three sessions, while soybeans were largely unchanged. “The corn market is under seasonal pressure ahead of the US harvest which is likely to be all time high,” said one grains trader in Singapore.
The most-active corn contract on the Chicago Board of Trade (CBOT) fell 0.5 percent to USD4.07-1/2 a bushel, as of 0922 GMT, wheat lost 0.7 percent to USD5.28-1/4 a bushel and soybeans were flat at USD10.49-1/2 4 a bushel. US farmers are on track to harvest the nation’s biggest corn crop in history this autumn and a bumper soybean crop.
The US Department of Agriculture raised its good-to-excellent rating for soybeans and kept its corn crop rating steady in a weekly report on Monday, surprising analysts who had expected slight declines. The agency rated 71 percent of the corn crop as being in good or excellent shape as of August 24, unchanged from a week earlier.
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