CHICAGO- Soy and corn futures turned lower on Friday after the US Department of Agriculture’s supply and demand report confirmed the advancing harvests in the US will be some of the largest on record.
Wheat futures also lost ground after the USDA raised its global wheat supply outlook, though traders continue to eye overly dry weather and escalating tensions in the Black Sea breadbasket region.
CBOT corn ticked down 22 cents to $4.16-1/2 a bushel, and soybeans lost 6 cents to $10.08-3/4 a bushel.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 7-1/4 cents at $5.96-1/2 per bushel.
US farmers produced even more corn than expected this year, the USDA said, expanding its forecast for the nation’s second-biggest harvest ever.
Though the USDA trimmed its soybean production forecast, the crop is still expected to be a record.
Analysts said the market’s attention quickly shifted elsewhere following the report.
“It was an uninspiring report,” Sherman Newlin, broker at Risk Management Commodities, said. “We’ll go back to trading outside markets, weather and exports.”
