Chicago Board of Trade (CBOT) grains closed mixed on Thursday with corn prices falling sharply as a result of raised U.S. yield estimate.
The most active corn contract for December delivery went down 6.75 cents, or 1.94 percent, to 3.415 dollars per bushel. December wheat delivery rose 2.25 cents, or 0.53 percent, to 4.29 dollars per bushel. January soybeans fell 13.5 cents, or 1.35 percent, to 9.85 dollars per bushel.
In its monthly crop production and supply/demand reports released on Thursday, the U.S. Department of Agriculture (USDA) pegged the U.S. 2017 corn yield at 175.4 bushels per acre versus the trade's expectation of 172.4 bushels per acre and the USDA's October estimate of 171.8 bushels.
If realized, this would be a crop size of 14.578 billion bushels, even bigger than last year's record-high harvest. The adjusted estimate led to the sharp fall of CBOT corn prices.
For soybeans, the new estimate for the 2017 U.S. yield was at 49.5 bushels per acre, unchanged from last month's figure. However, it's still higher than the trade's expectation of 49.3 bushels per acre, thus dragged down the CBOT soybean prices.
The yield estimate for the U.S. wheat remained the same as last month, but the USDA pegged the wheat ending stocks at 935 million bushels versus the trade's expectation of 957 million. Tighter stocks pushed up the CBOT wheat prices.
The most active corn contract for December delivery went down 6.75 cents, or 1.94 percent, to 3.415 dollars per bushel. December wheat delivery rose 2.25 cents, or 0.53 percent, to 4.29 dollars per bushel. January soybeans fell 13.5 cents, or 1.35 percent, to 9.85 dollars per bushel.
In its monthly crop production and supply/demand reports released on Thursday, the U.S. Department of Agriculture (USDA) pegged the U.S. 2017 corn yield at 175.4 bushels per acre versus the trade's expectation of 172.4 bushels per acre and the USDA's October estimate of 171.8 bushels.
If realized, this would be a crop size of 14.578 billion bushels, even bigger than last year's record-high harvest. The adjusted estimate led to the sharp fall of CBOT corn prices.
For soybeans, the new estimate for the 2017 U.S. yield was at 49.5 bushels per acre, unchanged from last month's figure. However, it's still higher than the trade's expectation of 49.3 bushels per acre, thus dragged down the CBOT soybean prices.
The yield estimate for the U.S. wheat remained the same as last month, but the USDA pegged the wheat ending stocks at 935 million bushels versus the trade's expectation of 957 million. Tighter stocks pushed up the CBOT wheat prices.
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