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CBOT crop futures plunge over larger supply, ending stock estimates
Last Updated: 2019-08-13 05:18 | Xinhua
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Chicago Board of Trade (CBOT) crop futures plunged on Monday due to larger U.S. supply and ending stock estimates, with corn prices falling almost 6 percent.

The most active corn contract for December delivery was down 25 cents, or 5.98 percent to settle at 3.9275 U.S. dollars per bushel. September wheat was down 27.75 cents, or 5.56 percent to 4.7175 dollars. November soybeans were down 12.5 cents, or 1.4 percent to 8.7925 dollars per bushel.

The U.S. Department of Agriculture (USDA) released its August supply and demand estimates report on Monday.

According to the updated report, this month's 2019/20 U.S. corn outlook is for larger supplies, reduced exports and corn used for ethanol, and greater ending stocks.

U.S. corn production is now forecast at 13.9 billion bushels, up 26 million from the July projection as a decline in harvested acres is virtually offset by an increase in yield.

Meanwhile, the outlook for 2019/20 U.S. wheat this month is for greater supplies, increased use and higher ending stocks.

U.S. wheat production is raised 59 million bushels to 1,980 million on increased winter wheat and other spring wheat production.

As for U.S. soybeans, the soybean production for 2019/20 is projected at 3.68 billion bushels, down 165 million on lower harvested area. The acreage is now forecast at 75.9 million acres, down 3.4 million from June estimate.

However, spillover from the sharply falling corn and wheat futures, and prolonged trade disputes between the United States and China, the world's top soybean seek buyer, dragged down the oil seed futures despite decreased production, said market watchers.

U.S. soybean exports are reduced 100 million bushels to 1.78 billion due to reduced global import demand, mainly for China, according to the latest USDA projection.

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