Investing.com - U.S. grain futures ended the week down sharply, with soybeans prices falling to the lowest level in more than four months after the U.S. Department of Agriculture forecast higher-than-expected domestic supplies this year.
On the Chicago Mercantile Exchange, U.S. soybeans for August delivery fell to a session low of $12.9720 a bushel on Thursday, the weakest level since February 4, before trimming losses to end the week at $12.9960, down 1.14%, or 15.0 cents.
On the week, the August soybean contract tumbled 5.68%, or 78.4 cents, after the U.S. Department of Agriculture projected U.S. soybean seedings at a record-high 84.8 million acres, up from a prior forecast for about 81.49 million acres.
Floor trading on the Chicago Mercantile Exchange was closed Friday for the Fourth of July holiday.
Meanwhile, U.S. corn for September delivery slumped to a daily low of $4.0900 a bushel on Thursday, the cheapest since January 10, before settling at $4.0940, down 0.67%, or 2.6 cents.
The September corn contract plunged 7.41%, or 32.8 cents on the week, after the USDA reported that domestic corn stockpiles totaled 3.854 billion bushels on June 1, 39% higher than the year-earlier level.
Elsewhere on the Chicago Board of Trade, U.S. wheat for September delivery inched up 0.7%, or 4.0 cents, on Thursday to settle at $5.7940 a bushel by close of trade.
Despite Thursday’s gains, the September wheat contract still lost 2.39%, or 14.2 cents, on the week.
Prices of the grain fell to $5.6860 on Wednesday, the lowest since February 7, after the USDA said U.S. farmers planted approximately 56.47 million acres with the grain, up from a prior estimate of 55.815 million.
In the week ahead, market players will focus on the release of key USDA data, including crop progress and weekly export sales figures.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.