Investing.com - U.S. grain futures were broadly lower during European morning hours on Thursday, with corn prices dropping to the lowest level in two-weeks as traders readjusted positions ahead of Friday’s highly-anticipated U.S. Department of Agriculture report on U.S. and global grain supplies.
On the Chicago Mercantile Exchange, corn futures for March delivery traded at USD7.1788 a bushel, down 0.6% on the day. The March contract fell by as much as 0.75% earlier to hit a session low of USD7.1725 a bushel, the weakest level since January 24.
The USDA’s report could show corn reserves as of September 1 will stand at 616 million bushels, up from the agency’s forecast last month of 602 million bushels.
Weather models 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 dampened sentiment on the grain.
Meanwhile, wheat for March delivery traded at USD7.5812 a bushel, down 0.45% on the day. The March fell by as much as 0.6% earlier in the session to hit a daily low of USD7.5712 a bushel.
Wheat prices fell to a three-week low of USD7.4662 a bushel on Wednesday.
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.
Elsewhere, soybeans futures for March delivery traded at USD14.8338 a bushel, down 0.2% on the day. The March contract declined by as much as 0.6% earlier in the day to hit a session low of USD14.7812 a bushel.
Soy’s losses were limited as 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.
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.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
On the Chicago Mercantile Exchange, corn futures for March delivery traded at USD7.1788 a bushel, down 0.6% on the day. The March contract fell by as much as 0.75% earlier to hit a session low of USD7.1725 a bushel, the weakest level since January 24.
The USDA’s report could show corn reserves as of September 1 will stand at 616 million bushels, up from the agency’s forecast last month of 602 million bushels.
Weather models 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 dampened sentiment on the grain.
Meanwhile, wheat for March delivery traded at USD7.5812 a bushel, down 0.45% on the day. The March fell by as much as 0.6% earlier in the session to hit a daily low of USD7.5712 a bushel.
Wheat prices fell to a three-week low of USD7.4662 a bushel on Wednesday.
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.
Elsewhere, soybeans futures for March delivery traded at USD14.8338 a bushel, down 0.2% on the day. The March contract declined by as much as 0.6% earlier in the day to hit a session low of USD14.7812 a bushel.
Soy’s losses were limited as 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.
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.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.