Corn futures were lower in early trading Thursday as investors who made money on yesterday’s gains sold contracts and booked profits.
Prices rose on Wednesday after the U.S. Department of Agriculture said U.S. inventories at the end of the marketing year on May 31 would total 2.29 billion bushels, missing estimates for 2.33 billion bushels. Wheat stockpiles were pegged at 1.15 billion bushels, missing forecasts for a total of 1.16 billion bushels.
After prices rose 2% yesterday, investors who’d made money on the market are likely selling to take profits, analysts said.
Futures also may be falling after the Conab, Brazil’s agricultural statistics agency, said this morning that corn output in the country should reach 92.8 million metric tons, up from 91.5 million projected a month ago. Soybean output is forecast at 113 million tons, up from 110.2 million in April.
Corn futures for July delivery fell 3½¢ to $3.70¼ a bushel on the Chicago Board of Trade.
Soybeans lost 1¾¢ to $9.69 a bushel in Chicago. Soy meal declined $1.50 to $316.20 a short ton, and soy oil added 0.11¢ to 32.39¢ a pound.
Wheat for July delivery lost ¼¢ to $4.31½ a bushel and Kansas City futures added ½¢ to $4.39¾ a bushel.