Investing.com - U.S. corn futures traded at the lowest level in four years on Wednesday, as ongoing expectations for a record U.S. corn harvest continued to weigh.
On the Chicago Mercantile Exchange, U.S. corn for September delivery fell to a session low of $3.9563 a bushel, the weakest level since August 2010, before trimming losses to last trade at $3.9588 during U.S. morning hours, down 0.43%, or 1.73 cents.
The September corn contract lost 0.56%, or 2.2 cents, on Tuesday to end at $3.9820 a bushel.
Prices of the grain have been under heavy selling pressure in recent sessions after the U.S. Department of Agriculture reported on June 30 that domestic corn stockpiles totaled 3.854 billion bushels on June 1, 39% higher than the year-earlier level.
Meanwhile, U.S. soybeans for August delivery hit $12.3138 a bushel, the lowest since August 12, before coming off the lows to trade at $12.3713, down 0.87%, or 10.88 cents.
The August soybean contract tumbled 1.94%, or 24.6 cents, on Tuesday to settle at $12.4840 a bushel.
Soybean prices have been on a downward trend after 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.
Elsewhere on the CBOT, U.S. wheat for September delivery slumped to a daily low of $5.5213 a bushel, the cheapest since January 31, before paring losses to trade at $5.5288, down 0.74%, or 4.12 cents.
The September wheat contract eased down 0.09%, or 0.4 cents, on Tuesday to settle at $5.5620.
Expectations for ample global supplies continued to weigh 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.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.