CHICAGO, Oct 16: Chicago Board of Trade (CBOT) wheat, corn and soybeans retreated for a second session Thursday, as U.S. crop harvest picked up pace and wheat prices lost appeal in the global markets.
The most active corn contract for December delivery dropped 3.5 cents, or 0.92 per cent, to 3.755 U.S. dollars per bushel. December wheat delivery lost 5.75 cents, or 1.13 per cent, to 5.025 dollars per bushel. November soybeans shed 5.25 cents, or 0.58 per cent, to 9.0525 dollars per bushel.
Chicago wheat took a dip amid the news that Egypt, the world's largest wheat importer, bought almost 800,000 metric tons of wheat from Russia and Romania in an international tender.
Corn also posted losses after the weekly ethanol production report released by the U.S. Energy Information Administration on Thursday showed a slight drop in production and a rise in inventory which was seen as slightly bearish to corn future.
U.S. ethanol production through the week ending Oct. 9, was down slightly from the prior week, to 949,000 barrels per day, which used an estimated 99 million bushels of corn, lower than the pace needed to meet the U.S. Department of Agriculture's forecast in 2014/15 marketing year. U.S. ethanol stocks increased by 1 per cent through the week, 3 per cent higher year on year, the report showed.
Meanwhile, soybean futures came under pressure from favorable weather in the Midwest and a weak member crush rate released by the National Oilseed Processors Association on Thursday. ? Agencies