Grains-Chicago soybean futures extend losses, corn steady after USDA report

Farmers will harvest 15.8 billion bushels of corn this autumn, with an average yield of 178.5 bushels per acre, and 4.535 billion bushels of soybeans, with an average yield of 52.8 bushels per acre, the agency said in a monthly report.

Analysts expected a corn crop of 15.785 billion bushels and a yield of 178.2 bushels per acre, and a soybean crop of 4.501 billion bushels, with an average yield of 52.5 bushels per acre, according to a Reuters poll.

Chicago soybean futures extended losses on Friday following publication of the U.S. Department of Agriculture's supply and demand report that raised the agency's forecast for soybean production.

Corn briefly turned higher before paring gains. The USDA lowered its estimate for the nation's corn harvest after summertime heat led to concerns about crop damage.

The most-traded soybeans on the Chicago Board of Trade Sv1 settled 35-3/4 cents, or 2.7%, lower at $12.96-1/2 per bushel, dropping from a roughly three-year high set earlier in the session.

Corn Cv1 settled 3-1/2 cents lower at $5.30-1/4 per bushel. CBOT wheat Wv1 settled 16 cents lower at $7.25-1/4 per bushel after the agency sidestepped making changes to Black Sea wheat exports.

Soybean futures jumped to their highest in roughly three years on support from Chinese demand. China's purchase of U.S. beans before the upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping provided a floor to prices.

China has bought around 1 million metric tons of U.S. soybeans this week, traders told Reuters.

The purchases take China's total U.S. soybean buying to nearly half of the 25 million tons the White House said Beijing had committed to annually through 2028.