Corn extends losses into fifth session

U.S corn fell for a fifth consecutive session on Wednesday as favorable weather forecasts added to expectations of bumper supplies.

Wheat fell 1 percent, while soybeans fell nearly 0.5 percent.

The most actively traded corn futures on the Chicago Board of Trade fell 0.35 percent to $3.56-3/4 a bushel after closing down 2.5 percent in the previous session when prices hit a contract low.

Front-month corn futures were little changed, having closed down more than 6 percent on Tuesday when prices fell to a low of $3.33-3/4 a bushel - the lowest since October, 2014.

Analysts said expectations of ample global supplies continue to weigh on prices.

"The reality is there are favorable conditions," said Phin Ziebell, agribusiness economist, National Australia Bank. "We occasionally get some supply concerns but none of them seem to come through to impacting production."

The outlook for more rain in key growing areas of the U.S. Midwest during the next two weeks outweighed concerns about some dry conditions in about 15 to 20 percent of the Midwest, including southeast Iowa and western Illinois.

Front-month wheat futures fell 1.2 percent to $4.15-1/4 a bushel, having closed down 2.5 percent on Tuesday.

Front-month soybean futures eased 0.54 percent to $11.11 a bushel, having closed down 1.8 percent on Tuesday.

Soybeans are under pressure amid signs of weak demand for U.S. supplies.

The U.S. Department of Agriculture on Tuesday morning said export inspections of soybeans totalled just 191,426 tonnes in the latest week, down from 295,816 a week ago and below the low end of analysts' forecasts.

Analysts said the U.S. Department of Agriculture's latest weekly update on crop conditions, which will be released at 3 p.m. CDT (2000 GMT), will likely drive the next price trigger.

Analysts are expecting the report to show that good-to-excellent conditions for both corn and soybeans fell 1 percentage point.


Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.