Investing.com - U.S. grain futures were mostly lower during European morning hours on Wednesday, with wheat and corn prices falling to multi-week lows ahead of Friday’s highly-anticipated U.S. Department of Agriculture report on U.S. and global grain supplies.
On the Chicago Mercantile Exchange, wheat for March delivery traded at USD7.5338 a bushel, down 0.55% on the day.
The March fell by as much as 0.65% earlier in the session to hit a daily low of USD7.5262 a bushel, the weakest level since January 11.
U.S. wheat inventories may total 717 million bushels in the current marketing year, up from the USDA’s January forecast of 716 million bushels.
Wheat prices came under additional pressure after forecasts called for much-needed rain in the southern U.S. Great Plains, helping to alleviate dry conditions and potentially boosting the quality of the crop.
Meanwhile, corn futures for March delivery traded at USD7.2412 a bushel, down 0.5% on the day. The March contract fell by as much as 0.6% earlier to hit a session low of USD7.2388 a bushel, the weakest level since January 28.
Corn reserves as of September 1 may be 616 million bushels, compared to the USDA’s forecast last month of 602 million bushels.
Forecasts showing beneficial weather conditions in Argentina also contributed to losses.
Corn prices have been under heavy selling pressure since hitting a two-month high of USD7.4612 a bushel on February 1, as concerns that high prices will dent demand for U.S. supplies weighed.
Elsewhere, soybeans futures for March delivery traded at USD14.8388 a bushel, down 0.75% on the day. The March contract declined by as much as 0.85% earlier in the day to hit a session low of USD14.8350 a bushel.
Soy prices came under pressure as a bout of profit-taking kicked in ahead Friday’s USDA supply and demand report.
Soy prices rallied to a seven-week high of USD14.9787 a bushel on February 4 as a combination of concerns over crop conditions in South America and indications of robust demand from top consumer China supported prices.
The USDA was expected to cut its U.S. and global soy ending stocks forecast, due to reduced South American production and resilient demand for U.S. soybeans.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
On the Chicago Mercantile Exchange, wheat for March delivery traded at USD7.5338 a bushel, down 0.55% on the day.
The March fell by as much as 0.65% earlier in the session to hit a daily low of USD7.5262 a bushel, the weakest level since January 11.
U.S. wheat inventories may total 717 million bushels in the current marketing year, up from the USDA’s January forecast of 716 million bushels.
Wheat prices came under additional pressure after forecasts called for much-needed rain in the southern U.S. Great Plains, helping to alleviate dry conditions and potentially boosting the quality of the crop.
Meanwhile, corn futures for March delivery traded at USD7.2412 a bushel, down 0.5% on the day. The March contract fell by as much as 0.6% earlier to hit a session low of USD7.2388 a bushel, the weakest level since January 28.
Corn reserves as of September 1 may be 616 million bushels, compared to the USDA’s forecast last month of 602 million bushels.
Forecasts showing beneficial weather conditions in Argentina also contributed to losses.
Corn prices have been under heavy selling pressure since hitting a two-month high of USD7.4612 a bushel on February 1, as concerns that high prices will dent demand for U.S. supplies weighed.
Elsewhere, soybeans futures for March delivery traded at USD14.8388 a bushel, down 0.75% on the day. The March contract declined by as much as 0.85% earlier in the day to hit a session low of USD14.8350 a bushel.
Soy prices came under pressure as a bout of profit-taking kicked in ahead Friday’s USDA supply and demand report.
Soy prices rallied to a seven-week high of USD14.9787 a bushel on February 4 as a combination of concerns over crop conditions in South America and indications of robust demand from top consumer China supported prices.
The USDA was expected to cut its U.S. and global soy ending stocks forecast, due to reduced South American production and resilient demand for U.S. soybeans.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.