Corn futures extended losses, trading near a three-year low, on forecasts that the US farmers will collect a record harvest this season.
The most widely grown American crop is seen totaling 15.234 billion bushels, above analyst estimates and surpassing 2016’s previous record of 15.148 billion, US Department of Agriculture showed Thursday.
Ample supplies in the top global producer means focus now shifts to the upcoming crop in key producer Brazil as well as global demand for US corn.
“Any positive news for US corn usage will go a long way in supporting corn prices over the next month,” said Jacqueline Holland, an analyst at Farm Futures.
Read more: Record US Corn Harvest Signals More Relief for Food Inflation
In other commodities, soybean oil futures rose for a third straight day in Chicago. Soybeans traded steady, after rising as much as 0.3%.
Cargill Inc., the world’s biggest crop trader, said China just made an enormous purchase of US soybeans that underscores bullish momentum in the oilseed market.
The Asian nation rushed to secure more than 3 million metric tons of US soy on Tuesday and Wednesday, according to Alex Sanfeliu, Cargill’s head of world trading.
--With assistance from Michael Hirtzer.
