Economy

Rising demand for U.S. corn, soybeans no match for massive supplies

Rising demand for U.S. corn, soybeans no match for massive supplies”

Modestly higher in a light technical bounce after a three-session slide pushed the CBOT December contract to a near two-week low. Algeria's state grains agency OAIC bought 480,000 tonnes of milling wheat in a tender that closed on Thursday.

According to the weekly crop report from the U.S. Department of Agriculture, an inch or more of rain fell across most of the eastern part of the state. No U.S. wheat was offered. The crop was 12 percent emerged.

Farmers have been holding onto old crop grain in hopes stagnant prices could move upward.

Front-month December corn futures settled 3.75 cent lower at $3.515/bushel Monday before the release of the USDA report.

The corn harvest is almost two weeks behind average, while the harvest of soybeans is just three days behind average. A higher dollar also made US crops more expensive for global buyers. November soybeans dropped 11 cents, or 1.14 percent, to 9.5725 dollars per bushel.

USDA said 17% of the corn has been harvested as of October 1, compared with the five-year average of 26% and the year-ago pace of 23%.

Lower on US harvest pressure and technical selling, with the CBOT November contract dipping to $9.52-1/2 in early moves, its lowest since September 13.

Commodity brokerage INTL FCStone late Monday raised its forecast of the USA 2017 soybean yield slightly to 49.9 bushels per acre (bpa), from 49.8 a month earlier.

Meanwhile, the ongoing corn and soybean harvest across the U.S.is further eroding prices. USDA pegged the amount of the USA corn in the mature stage at 68% vs. a 78% five-year average.



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