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Soybean & Corn Drop While Wheat Rises After USDA Report

September 12, 2016 at 19:50 by Vladimir Vyun

Soybean futures fell today as the US Department of Agriculture updated its forecast, increasing expected yield and ending stocks. The USDA predicted that soybean production would be at 124.3 million tons in the 2016/17 season, up 4.1 million from the previous estimate. Ending stocks are predicted to be at 365 million bushels, up 35 million from last month’s forecast. As a result, futures for delivery of soybeans dropped 1.63% to $9.6425 per bushel as of 19:35 GMT on CBoT today.

Corn dropped as well though not as much. December contract declined 0.44% to $3.395 per bushel.

Wheat, on the other hand, found support in the USDA data. The agency predicted that global consumption would outpace supply. As a result, the forecast for the world’s ending stocks was lowered by 3.8 million tons though remained at the record high. December futures for wheat jumped 1.43% to $4.0925 per bushel.

Other notable winners on the agricultural market were cocoa and sugar. December cocoa advanced 1.01% to $2,790 per metric ton on ICE. March futures for sugar climbed 0.77% to $0.2085 per pound.

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