© Archyde.com / Marcos Brindicci
File photo: corn plantation in Rafaela, Santa Fe province, Argentina
Por Tom Polansek
CHICAGO, Jan 12 (Archyde.com) – US wheat futures extended their losses on Wednesday following the Department of Agriculture projected that farmers planted more acres than traders anticipated.
* Higher-than-expected USDA estimates for wheat inventories locally and globally added pressure on the market, analysts said, following supply concerns pushed futures prices to nine-year highs on the Board of Chicago trade in November.
* High prices helped encourage more plantings as bakers and millers worried regarding tight supplies of high-protein wheat, analysts said.
* The USDA said US growers planted 34.397 million acres of winter wheat, 2% more than in 2021. Analysts polled by Archyde.com expected 34.255 million acres.
* The agency set domestic wheat ending stocks at 628 million bushels, above the average estimate of 608 million, and world production at 279.95 million tons, above expectations of 278.67 million.
* The most active wheat contract on the Chicago Stock Exchange was down 9 cents to $ 7.6125 a bushel at 1830 GMT following falling to a session low of $ 75350.
* Corn and soybean futures advanced in Chicago following the USDA lowered production estimates for South America and set global ending stocks below analysts’ expectations.
* Hot and dry conditions in southern Brazil and Argentina have raised doubts regarding harvest prospects. Brazilian food supply and statistics agency Conab lowered its 2021/2022 forecast for the country’s soybean and corn production on Tuesday.
* The USDA pegged world ending stocks of soybeans at 95.0 million tonnes, below analyst estimates of 99.93 million and the December USDA estimate of 102 million.
* The most active soybean futures rose 12.5 cents to $ 13.99 a bushel. Meanwhile, corn gained 2 cents at $ 6.03 a bushel.
(Information from Tom Polansek in Chicago. Edited in Spanish by Javier Leira)
