The monthly report of estimates of world agricultural supply and demand pegged the soybean crop at 4,448 million bushels and the soybean crop at 51,519 bushels per acre.
Corn futures also fell after the United States Department of Agriculture (USDA) estimated that the crop currently being harvested will be higher than traders’ expectations.
But wheat got a boost from the USDA forecast that showed ending stocks in the world were the lowest in five years, in part because droughts in the northern United States and Canada affected production.
The ton of wheat grows 0.4% and is trading at $ 269.88 per ton
For some commodity futures traders, the numbers confirm speculation among US farmers, who have been reporting larger-than-expected corn and soybean harvests.
“It proves what the combines have been saying: the harvests are bigger,” said Don Roose, president of US Commodities in West Des Moines, Iowa.
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
