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Grain Prices End Mixed as USDA Forecasts Lower Yields, Higher Supplies

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11/08/2018 | 09:26pm CET

By Francesca Fontana

Grain prices ended mixed after an increase in the government's forecasts for soybean supplies sent soybean futures falling Thursday afternoon.

Soybean contracts for January delivery fell 0.1%, to $8.79 a bushel, at the Chicago Board of Trade. Corn contracts for December delivery rose 0.3%, and December wheat contracts fell 0.5%.

The U.S. Department of Agriculture estimated soybean supplies at 955 million bushels, more than 50 million bushels larger than the average trader estimate. The agency was also more aggressive in lowering U.S. soybean exports than some analysts expected.

Growing domestic supplies have weighed on corn and soybean prices in recent months, and soybean exports have suffered during the trade dispute between the U.S. and China, once its largest soybean buyer.

President Trump signaled progressing trade talks with China last week, saying that he will have dinner with China's president during the G-20 summit, and traders are watching for additional developments until the meeting at the end of the month.

The USDA also lowered estimates for U.S. soybean and corn yields and production more than analysts anticipated, supporting prices as experts anticipate losses due to poor harvest conditions.

Write to Francesca Fontana at francesca.fontana@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (ZC) - CBE (ELECTRONIC)/C1 -0.75% 364.75 End-of-day quote.4.78%
WHEAT FUTURES (ZW) - CBE (ELECTRONIC)/C1 0.25% 506.75 End-of-day quote.17.80%
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