GRAINS-Chicago soy, corn linger near multi-month lows due to weather
Chicago Board of Trade Corn and Soybean futures were hovering around multi-month-lows on Thursday. Corn again tallied life-of contract lows as U.S. favorable weather and expectations of record Brazilian crop pressure maintained supply pressure.
The price of wheat fell for the fourth consecutive day, as a growing U.S. crop and expectations for increased Russian production kept attention on an ample global supply.
As of 1:00 pm CT (1800 GMT), CBOT September Corn was down 1/4 cents to $4.04-3/4 per bushel. On a continuous chart, it had fallen to $4.02-1/4 in October. This was the latest of several 2025 lows.
Dan Basse is the president of AgResource. He said, "Corn has done a lot of work this week and will take a break before this weekend."
CBOT soybeans for November were down by 1 cent, to $10.14-1/4 a bushel. They had earlier reached their lowest level since April of $10.16. CBOT Wheat eased 7-1/4 Cents to $5.37-1/4 per bushel.
Agroconsult, an agribusiness consulting firm that surveys fields in major producing regions across the country, forecasted on Tuesday that Brazilian farmers would produce a record of 123.3 million metric tonnes in their second corn crop. A record soybean harvest is estimated to have been harvested earlier this year.
The U.S. Department of Agriculture is also due to release its quarterly stock and crop progress reports on Monday.
IKAR, a consultancy firm, raised its forecast for 2025 Russian wheat production to 84.5 millions metric tons. This is in line with other analysts who have also increased their expectations.
(source: Reuters)
