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CBOT corn futures extend losses, soybeans rebound

2019-08-14 05:36

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CHICAGO, Aug. 13 (Xinhua) -- Chicago Board of Trade (CBOT) crop futures settled mixed on Tuesday, with corn suffering more losses due to larger U.S. supply and ending stocks projection.

The most active corn contract for December delivery was down 16.25 cents, or 4.14 percent to settle at 3.765 U.S. dollars per bushel. September wheat was up 0.25 cent, or 0.05 percent to 4.72 dollars. November soybeans were up 9.75 cents, or 1.11 percent to 8.89 dollars per bushel.

In the past two sessions, December corn has lost more than 40 cents, almost 10 percent, after the U.S. Department of Agriculture (USDA) raised its estimates on corn production and ending stocks, which surprised the market.

According to an updated USDA report, the 2019/20 U.S. corn production is now forecast at 13.9 billion bushels, up 26 million from the July projection as a decline in harvested acres is virtually offset by an increase in yield.

Market participants had expected lower corn supply, after extremely wet conditions in the past spring seriously delayed planting in the U.S. Midwest.

CBOT soybeans rebounded on Tuesday amid news that Chinese, U.S. chief trade negotiators had phone talks.

Chinese Vice Premier Liu He held a phone conversation at request with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin late Tuesday Beijing time.

The news helped CBOT soybeans recover from Monday's sharp losses and further boosted oil seed prices throughout the day.

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