Investing.com - U.S. corn futures fell for the third consecutive session on Wednesday, amid ongoing expectations for a record U.S. corn crop.
On the Chicago Mercantile Exchange, U.S. corn for September delivery declined 0.42%, or 1.77 cents, to trade at $4.1463 a bushel during U.S. morning hours.
The September corn contract fell to $4.1020 a bushel on Tuesday, the weakest level since January 10, before trimming losses to settle at $4.1600, down 0.66%, or 2.6 cents.
Prices remained under pressure after the U.S. Department of Agriculture said on Monday that domestic corn stockpiles totaled 3.854 billion bushels on June 1, 39% higher than the year-earlier level.
Meanwhile, U.S. wheat for September delivery inched down 0.02%, or 1.0 cent, to trade at $5.7250 a bushel. The September contract ended Tuesday’s session down 0.87%, or 16.2 cents, to settle at $5.7240.
Prices slumped to $5.6740 on Monday, the cheapest since February 4, after the USDA said U.S. farmers planted approximately 56.47 million acres with the grain, up from a prior estimate of 55.815 million.
Elsewhere on the CBOT, U.S. soybeans for August delivery tacked on 0.39%, or 5.12 cents, to trade at $13.3313 a bushel.
The August soybean contract tumbled to $13.0500 on Tuesday, the lowest since February 4, before trimming losses to settle at $13.2760, down 0.15%, or 2.0 cents.
The USDA projected U.S. soybean seedings at a record-high 84.8 million acres, up from a prior forecast for about 81.49 million acres.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.