Chicago Agriculture Commodities Finished Lower Monday
The most active Corn contract for Dec delivery lost 2.25 cents, or 0.58%, to 3.8675 bu.
Dec Wheat delivery dropped 2.25 cents, or 0.44%, to 5.055 bu.
Nov Soybean fell 12.5 cents, or 1.41%, to 8.7675 bu.
Soybean prices led the declines Monday, as reported crop-yield beat expectations recently, prompting speculation that the government would ultimately maintain or raise estimates for this year’s harvest in its upcoming monthly agriculture grain reports.
Grain futures dropped, weighed down by an improving outlook for world crops and ample global supplies of the grain.
The US weekly export inspections released by the US Department of Agriculture (USDA) Monday showed that Soybean inspections through the week ended 24 September rose by 5.5% from the prior week, Corn shipments were up more than 10% from the previous week, wheat exports logged a 6.4% rise, respectively.
However, for their respective crop years to date, the US has shipped 2,750,026 tonnes of Corn, down 12.7% from a year ago; 1,429,787 tonnes of Soybean, down almost 5% from last year; and 7,486,414 tonnes of Wheat, down more than 15% from the previous year, according to the USDA.
Agriculture analysts believe that the US would struggle to boost or even retain market share without a major weather issue in late Y’s 2015 or early 2016.