US grain futures fell on Thursday as traders adjusted positions ahead of a federal crop report next week that is expected to show higher estimates for the nation’s corn and soybean crops.
Prices fell after recent gains as traders took a profit ahead of the USDA’s monthly supply / demand report to be released on November 9, analysts said.
A rise in the dollar helped put pressure on grain prices, traders said.
Futures on the most active wheat contract on the Chicago Stock Exchange (CBOT) fell 7 cents to $ 7.74 a bushel at 1635 GMT. The contract has fallen back since hitting the $ 8 mark on Tuesday for the first time since December 2012.
Corn on the CBOT fell 5.5 cents to $ 5,585 a bushel, after retreating from a 2-1 / 2-month high on Tuesday. Soybean futures fell 26 cents to $ 12.18 a bushel, consolidating below a three-week high on Tuesday.
The USDA is expected to raise its estimates for the U.S. corn and soybean harvest and production from October on Tuesday, according to a Reuters analyst survey.
Reference-www.eleconomista.com.mx