Corn futures fall 6% after bearish USDA crop report; soybeans down 1.3%

Corn and soybean futures each fell sharply Monday after the U.S. Division of Agriculture’s August manufacturing estimates projected larger-than-expected crops following an especially moist spring that severely delayed corn planting, adopted by dry circumstances throughout a lot of the Midwest. Corn for December supply

CZ19, -5.98%

on the Chicago Board of commerce fell 25 cents to $3.9275 a bushel, a decline of 6%. November soybeans

SX19, -1.46%

dropped 11.5 cents, or 1.3%, to $8.8075 a bushel. The report estimated that U.S. farmers would produce 13.9 billion bushels of corn, down 4% from final 12 months however bigger than analysts had anticipated. Soybean manufacturing is forecast to fall 19% from final 12 months to three.68 billion bushels.

picture supply

Leave a Reply

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker