Investing.com - U.S. grain futures were mostly lower on Tuesday, with soybean prices coming under pressure amid expectations for bumper crops in major South American soy growers.
On the Chicago Mercantile Exchange, soybeans futures for May delivery traded at USD14.6750 a bushel, down 0.8% on the day. The May contract fell by as much as 1% earlier in the day to hit a session low of USD14.6512 a bushel, the weakest level since March 8.
Soy prices declined as farmers in Brazil started to accelerate harvesting of the nation’s soy crops.
The USDA said last week Brazil will harvest a record 83.5 million tonnes of soybeans this spring, on pace to pass the U.S. as the top producer for the first time.
Easing concerns over tightening global supplies also weighed on the oilseed. Global soybean inventories at the end of the current marketing year on October 1 will total 60.21 million metric tons, up from the 60.12 million estimated in February. A year earlier, supplies totaled a 55.25 million metric tons.
Meanwhile, wheat for May delivery traded at USD6.9738 a bushel, down 0.25% on the day. The May contract declined by as much as 0.5% earlier in the day to hit a session low of USD6.9575 a bushel.
Prices fell to an eight-month low of USD6.8125 a bushel on March 6.
Wheat futures have been on a downward spiral in recent weeks after a winter storm brought much-needed moisture to drought-stricken wheat-growing areas in the U.S. Great Plains in late-February.
Market players have been closely monitoring weather and crop conditions in the area, where prolonged dryness threatens dormant winter wheat crops.
The USDA last week raised its forecasts for U.S. wheat reserves at the end of the crop's current marketing year on May 31 to 716 million bushels, 3.6% higher than the agency’s February estimate of 691 million bushels.
The upward revision reflected a decline in U.S. wheat export estimates due to stronger-than-expected foreign competition and plentiful supplies around the world.
Global wheat inventories at the end of the year will total 178.23 million metric tons, up from the month-earlier estimate of 176.73 million
Elsewhere, corn futures for May delivery traded at USD7.1112 a bushel, little changed on the day. The May contract held in a tight trading range between USD7.0888 a bushel, the daily low and a session high of USD7.1288.
The May contract rose to a four-week high of USD7.1612 a bushel on Monday, amid worries over declining U.S. supplies. The USDA said last week that U.S. stockpiles before the next harvest will total 632 million bushels on August 31, the lowest level in 17 years.
The USDA also revised up its forecast for the amount of U.S. corn that will be used for animal feed and "residual" purposes by 2.2% to 4.55 billion bushels.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
On the Chicago Mercantile Exchange, soybeans futures for May delivery traded at USD14.6750 a bushel, down 0.8% on the day. The May contract fell by as much as 1% earlier in the day to hit a session low of USD14.6512 a bushel, the weakest level since March 8.
Soy prices declined as farmers in Brazil started to accelerate harvesting of the nation’s soy crops.
The USDA said last week Brazil will harvest a record 83.5 million tonnes of soybeans this spring, on pace to pass the U.S. as the top producer for the first time.
Easing concerns over tightening global supplies also weighed on the oilseed. Global soybean inventories at the end of the current marketing year on October 1 will total 60.21 million metric tons, up from the 60.12 million estimated in February. A year earlier, supplies totaled a 55.25 million metric tons.
Meanwhile, wheat for May delivery traded at USD6.9738 a bushel, down 0.25% on the day. The May contract declined by as much as 0.5% earlier in the day to hit a session low of USD6.9575 a bushel.
Prices fell to an eight-month low of USD6.8125 a bushel on March 6.
Wheat futures have been on a downward spiral in recent weeks after a winter storm brought much-needed moisture to drought-stricken wheat-growing areas in the U.S. Great Plains in late-February.
Market players have been closely monitoring weather and crop conditions in the area, where prolonged dryness threatens dormant winter wheat crops.
The USDA last week raised its forecasts for U.S. wheat reserves at the end of the crop's current marketing year on May 31 to 716 million bushels, 3.6% higher than the agency’s February estimate of 691 million bushels.
The upward revision reflected a decline in U.S. wheat export estimates due to stronger-than-expected foreign competition and plentiful supplies around the world.
Global wheat inventories at the end of the year will total 178.23 million metric tons, up from the month-earlier estimate of 176.73 million
Elsewhere, corn futures for May delivery traded at USD7.1112 a bushel, little changed on the day. The May contract held in a tight trading range between USD7.0888 a bushel, the daily low and a session high of USD7.1288.
The May contract rose to a four-week high of USD7.1612 a bushel on Monday, amid worries over declining U.S. supplies. The USDA said last week that U.S. stockpiles before the next harvest will total 632 million bushels on August 31, the lowest level in 17 years.
The USDA also revised up its forecast for the amount of U.S. corn that will be used for animal feed and "residual" purposes by 2.2% to 4.55 billion bushels.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.