2023-07-12 17:55:31 ET
- U.S. corn futures fell to their lowest since January 2021 on Wednesday after the U.S. Department of Agriculture forecast a larger than expected domestic crop.
- In its latest WASDE report , the USDA forecast the domestic 2023 corn crop at 15.32B bushels, up from 15.26B last month and above the 15.23B analyst consensus, while cutting its U.S. corn yield estimate to 177.5 bushels/acre, a drop from 181.5 bushels/acre projected last month, compared to expectations for corn yields to drop to 175.8 bushels/acre.
- On the Chicago Board of Trade, corn ( C_1:COM ) for December delivery closed -3.5% to $4.83 3/4 per bushel, after falling to as low as $4.81 3/4, the lowest price for a most-active corn contract since January 2021.
- The USDA also surprised analysts by raising its estimate of the U.S. 2023 wheat harvest to 1.74B bushels, up from 1.66B in June and above trade expectations, which helped send CBOT wheat ( W_1:COM ) for September delivery -4.2% to $6.32 3/4 per bushel.
- For soybeans, the USDA reduced its soybean harvest forecast, which traders expected after the agency had cut its soy acreage estimate, but the forecast of U.S. 2023-24 soybean ending stocks at 300M bushels topped the highest in a range of pre-report estimates .
- Chicago soybeans ( S_1:COM ) for November delivery settled -2.4% to $13.27 3/4 per bushel.
- ETFs: ( NYSEARCA: CORN ), ( NYSEARCA: WEAT ), ( NYSEARCA: SOYB ), ( DBA ), ( MOO )
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U.S. corn sinks to two-and-a-half-year low as USDA hikes production outlook