Wheat and corn fall while soybeans rise in Chicago on Friday

On Friday, October 9, wheat and corn futures on the CBOT declined following the release of USDA’s October report, while soybeans ended the session higher. December wheat fell 1.79% to $246.55/t, while corn dropped 4.10% to $188.88/t. November soybeans rose 0.35% to $474.72/t.

Wheat was pressured by a higher US stocks forecast. USDA raised US ending stocks by 23 mln bushels to 740 mln bushels, while cutting the export forecast by 25 mln bushels. Global wheat production is estimated at 822.39 mln tons, with ending stocks at 276.04 mln tons.

Corn futures posted even steeper losses. The December contract closed at $4.79¾ per bushel, down 20½ cents. USDA raised its US corn yield forecast to 181.2 bushels per acre, while global ending stocks were increased by 8.34 mln tons to 280.44 mln tons, mainly due to higher US stocks.

Soybeans, by contrast, moved higher despite an increase in the US crop forecast. November futures closed at $12.92 per bushel, up 4½ cents. USDA estimates US soybean production at a record 4.56 bln bushels, or around 124.15 mln tons, with yield also forecast at a record 53.1 bushels per acre.

European grain markets also traded mostly lower. December wheat on MATIF fell 0.78% to €242/t, or $271.33/t, while November corn slipped 0.13% to €273.25/t, or $306.37/t.

Tags: prices, soybean, oilseeds, wheat, futures, global market, corn, grain