Breaking News

Grain futures - Weekly review: September 9 - 13

CommoditiesSep 15, 2013 09:19AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Investing.com - U.S. grain futures ended Friday’s session broadly lower, with corn prices sinking to a four-week low after the U.S. Department of Agriculture projected a bigger harvest this autumn than analysts had expected.

On the Chicago Mercantile Exchange, corn futures for December delivery fell 1.4% on Friday to settle the week at USD4.5888 a bushel. The December contract settled 1.3% lower on Thursday at USD4.6620 a bushel.

For the week, the December corn contract lost 2%, the second consecutive weekly decline.

The USDA said Thursday the U.S. corn crop will total 13.84 billion bushels in the 2013 marketing season, up 0.6% from its August forecast and the largest crop on record.

Meanwhile, soybeans for November delivery declined 0.95% on Friday to settle the week at USD13.8188 a bushel by close of trade. The November contract jumped 2.8% on Thursday to settle at USD13.9600 a bushel, the strongest level since September 3.

Prices of the oilseed declined Friday as investors cashed out of the market to lock in gains from Thursday’s 2.8% rally.

Despite Friday’s losses, the November soy contract rose 0.9% on the week, the sixth consecutive weekly advance, as lingering warm and dry weather fuelled concerns over crop conditions.

The USDA lowered its forecast for the U.S. soybean crop on Thursday to 3.149 billion bushels, down 3% from its estimate in August.

Soybean stockpiles will total 150 million bushels the end of the current crop year on August 31, 2014, below analysts' expectations for 161 million bushels.

Elsewhere on the Chicago Board of Trade, wheat for December delivery tumbled 1.8% on Friday to settle the week at USD6.4050 a bushel.  CBOT December wheat prices rose 0.8% on Thursday to settle at USD6.5300 a bushel.

The December wheat contract ended the week with a 1.1% decline, the second consecutive weekly loss.

The USDA raised its estimate for global wheat production to a record 708.89 million metric tons, up 0.5 percent from last month.

In the week ahead, corn and soybean traders will continue to pay close attention to weather forecasts for grain-growing regions in the U.S. Midwest, while wheat traders will monitor temperatures in the Great Plains-region.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

Grain futures - Weekly review: September 9 - 13

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Write your thoughts here
Replace the attached chart with a new chart ?
Post also to:
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email