Corn, soy down on active harvest, positioning ahead of USDA data
CORN•U.S. corn and soybean futures eased as Midwest harvesting advanced and traders squared positions ahead of Friday’s USDA supply and demand report. December corn fell 1¾ cents to $5.00¾ a bushel, and November soybeans dropped 8½ cents to $12.89.
1. Harvest and report weigh
Corn and soybean futures fell on Thursday as clear Midwest weather sped harvesting after late-September rain delays, while traders positioned ahead of Friday’s monthly USDA report. Wheat also declined, pressured by a stronger U.S. dollar, though supply concerns tied to restricted Black Sea shipments limited losses.
2. USDA expectations
Analysts polled by Reuters expect the USDA to lower its average U.S. corn yield outlook but raise its view of end-of-season U.S. supplies. The department is due to update corn and soybean crop progress estimates on Monday, with traders expecting harvesting to increase sharply.
3. Futures prices
At 12:35 p.m. CDT, December corn was down 1¾ cents at $5.00¾ a bushel, and November soybeans were down 8½ cents at $12.89. December wheat fell 4 cents to $6.82½ a bushel.
