Soybean, corn and wheat futures declined on Oct. 8 as traders adjusted positions before the U.S. Department of Agriculture’s crop and stocks outlook.
The November soybean contract fell 0.77% to $12.87 a bushel. Private analysts expect the USDA’s monthly report, due Friday, to show slight increases in U.S. production and stocks. Soymeal dropped about $8 a short ton, while soybean oil edged higher.
Weekly U.S. soybean sales fell 47% to 549,400 tons. Of the 1.048 million tons reported for soymeal, 861,900 tons were carryover business from earlier periods, leaving new sales at about 185,700 tons. Traders are also watching China’s purchases and the U.S. harvest, which could accelerate under a drier forecast.
December corn futures lost 0.35% to $5.02 a bushel. Weekly sales rose 44% to 769,500 tons but came in near the low end of expectations. Harvest progress and a stronger dollar, which makes U.S. corn more expensive for European buyers, also weighed on prices.
December wheat fell 0.47% to $6.83 a bushel. The dollar’s strength has reduced the competitiveness of U.S. grain abroad. Reports of attacks in the Black Sea region have also kept logistical concerns in focus and added to price volatility.