United States: Chicago grain and soybean futures fell after USDA forecasts

Published Nov 10, 2023

Tridge summary

Corn futures on the Chicago Board of Trade dropped significantly after the US government announced that farmers will have the largest corn crop in history this year, surpassing trade expectations. Soybean futures also fell as a report projected record-high global soybean inventories at the end of the season. Wheat futures declined due to a stronger US dollar and an increase in global supplies, lower domestic consumption, and rising ending stocks, as indicated in the WASDE report.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The most active Chicago Board of Trade corn futures fell sharply on Thursday after the government said U.S. farmers will harvest the largest corn crop in history this year. The report forecast exceeded trade estimates. The most active CBOT corn contract fell at one point to $4.66-1/2, its lowest price since Dec. 30, 2020, before rising again. Meanwhile, soybean futures fell after a report from World Agricultural Supply and Demand Estimates forecast global soybean inventories at the end of this season will be the largest on record. Brazilian crop agency Conab also raised its forecast for the South American country's 2023/24 soybean crop to 162.420 million metric tons from a previous 162.003 million, despite stressed hot and dry weather in key regions. Soybean futures faced pressure as traders booked profits a day after the benchmark January contract hit its highest price in nearly two months. The sell-off came despite confirmation from the US Department of Agriculture (USDA) that ...

Source: Oilworld