Commodities : Corn and Soybeans Lower
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Corn and soybean futures prices were lower and wheat was mixed Friday on the Chicago Board of Trade.
A production forecast released after the close of trading is likely to renew pressure on Monday as well, analysts said.
In a projection based on Sept. 1 conditions, analyst Conrad Leslie of Chicago forecast production of 8.5 billion bushels of corn and 2.1 billion bushels of soybeans. A corn harvest of that size would be a record.
The Agriculture Department is to release its updated forecast Sept. 11.
Anticipation of the reports helped pressure corn and soybeans, which had been rallying earlier in the week, said Walter Spilka, a grain analyst with Smith Barney, Harris Upham & Co.
Spilka said that the higher prices earlier prompted selling by farmers on cash markets, and that put renewed pressure on prices.
“People who were long had reason to bail out and take profits,” he said.
Soybean meal prices rallied, however, partially because of technical factors such as trends on price charts, Spilka said.
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