Corn futures at the CBOT closed lower on Friday, October 2, dragging soybean futures down in tandem, as funds sold to lock in profits after the U.S. Department of Agriculture reported that U.S. corn stocks as of September 1 surged to a seven-year high of 2.095 billion bushels, up from 1.551 billion bushels in the same period a year earlier and above the 1.918 billion bushels analysts had expected. December-delivery corn fell 4.5 cents, or 0.90%, to close at 4.9775 dollars per bushel, while November-delivery soybeans fell 5.75 cents, or 0.45%, to close at 12.7825 dollars per bushel. December-delivery wheat rose 0.25 cents, or 0.04%, to close at 6.8300 dollars per bushel. Analysts at Marex said corn futures were pressured by funds rushing to close long positions, along with forecasts that weather in U.S. corn-growing areas will favor harvesting for as long as two weeks. The USDA is scheduled to release its World Agricultural Supply and Demand Estimates report this week, and analysts at StoneX expect the WASDE report to show U.S. soybean yields at 54.1 bushels per acre and total production at 4.65 billion bushels, both above the USDA's estimates last month and record highs. StoneX also cut its corn yield forecast to 182.1 bushels per acre from 182.9 bushels per acre previously, though that figure remains above the 178.5 bushels per acre the USDA projected last month.
Stonex Group IncUSDA reported US corn stocks at a seven-year high of 2.095 billion bushels, a supply glut pressuring corn futures.
Soybean futures fell in tandem with corn, and StoneX expects record US soybean yields and production.
