Published: Fri, November 10, 2017
Finance | By Loren Pratt

Corn hovers near 1-year low after record USDA yield estimate

Corn hovers near 1-year low after record USDA yield estimate

IN soybean production is expected to total 326.7 million bushels, up 1 percent from a year earlier and, if realized, will be a new state record. All other 2017-18 all wheat forecasts were unchanged, as were 2016-17 estimates with 2017 carryover at 1,181 million bus.

Total corn production is forecast at 14.6 billion bushels, down 4 percent from a year ago, but up 2 percent from the previous month.

Wheat is up 0.8 percent for the week, its biggest weekly gain since mid-September.

Kansas growers are also forecast to bring in a record 204 million bushels of soybeans, up 6 percent from past year.

Analysts say it's still too early to make any real assessment of Brazilian corn and soybean crops with planting just 60 percent completed with the entire growing season ahead. The November Crop Report is based upon conditions, as of November 1, 2017.

The U.S.D.A. 2018 wheat carryover forecast was below the pre-report trade average expectation of 956 million bus, the soybean carryover was slightly above the trade average of 420 million bus and the U.S.D.A. corn carryover was well above the trade average of 2,360 million bus. US soybean tumbled on Thursday after USDA projected a record - large 2017 USA crop and unexpectedly left its average yield forecas t unchanged in a monthly report.

"The idea is that if corn yields can be so high, the USDA might increase soybean yields in its next report".

The U.S.D.A. forecast corn carryover on September 1, 2018, at 2,487 million bus. Commodity funds were net sellers of CBOT corn, soybean, soymeal and soyoil futures contracts on Thursday and net buyers of wheat, traders said.

Wheat, corn and soy U.S. cents/bushel.

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