In overnight trading, soybean and grain futures were lower following the U.S. Department of Agriculture's announcement that they expect record yields for soybeans and corn.
The agency projected soybean production for the 2024/2025 marketing year at 4.589 billion bushels on a yield of 53.2 bushels/acre, which would set record highs for both output and yield. Corn production is expected to reach 15.147 billion bushels on a yield of 183.1 bushels/acre, making it the third-highest production on record.
Soybean stockpiles for the 2024/2025 marketing year are estimated at 560 million bushels, while corn inventories are forecasted at 2.073 billion bushels.
Consequently, soybean futures for November delivery fell 15½¢ to $9.70½ a bushel.
Soybean meal declined $1.60 to $303 a short ton and soy oil fell 0.85¢ to 39.62¢ a pound.
Corn futures for December delivery fell 2½¢ to $3.99 a bushel.
Wheat futures for September delivery fell 5¾¢ to $5.31 a bushel, while Kansas City futures lost 4¼¢ to $5.44 a bushel.
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