U.S. soybeans, corn revisit multiyear lows on record crop outlook

U.S. soybeans, corn revisit multiyear lows on record crop outlook

Investing.com - Investing.com - U.S. soybean and corn futures resumed their downward trend on Thursday, as ongoing expectations for a record U.S. harvest weighed.

On the Chicago Mercantile Exchange, U.S. soybeans for November delivery traded at $9.1338 a bushel during U.S. morning hours, down 3.23 cents from a closing price of $9.1360 on Wednesday.

The November soybean contract hit a four-year low of $9.0400 a bushel on Wednesday.

The U.S. Department of Agriculture pegged September 1 stocks at just 92 million bushels in its quarterly report released earlier in the week, below expectations for 130 million.

The agency also raised its estimate for 2013 soybean production to 3.36 billion bushels, up 69.2 million bushels from the previous estimate.

Meanwhile, U.S. corn for December delivery traded at $3.1963 a bushel, 1.57 cents lower than Wednesday's settlement of $3.2120.

Corn prices fell to $3.1820 a bushel on Wednesday, a level not seen since September 2009.

The USDA said that U.S. corn stockpiles on September 1 were 1.236 billion bushels, above expectations for 1.191 billion and up from a forecast of 1.181 billion in September.

Elsewhere on the CBOT, U.S. wheat for December delivery tacked on 0.9 cents to trade at $4.8050 a bushel. Wheat prices slumped to a four-year low of $4.6620 on September 25.

The USDA said on Tuesday that domestic wheat supplies in storage rose to 1.914 billion bushels, above analysts' expectations of 1.894 billion bushels and up from 1.87 billion bushels last year.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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