(Nasdaq) – U.S. grain futures dropped in early trading Monday as large domestic and global supplies weighed on corn and wheat prices. Soybeans nudged higher.
Wheat prices fell as negativity from government crop reports last week pressured the market. The U.S. Department of Agriculture on Thursday said U.S. wheat stockpiles on March 1 totaled 1.37 billion bushels, above analyst forecasts for 1.36 billion bushels and up from 1.14 billion on the same date last year, thanks to disappointing export demand.
Wheat futures for May declined 3 cents, or 0.6%, to $4.72 3/4 a bushel at the Chicago Board of Trade.
CBOT May corn dropped 2 cents, or 0.6%, to $3.52 a bushel.
CBOT May soybeans added 1 3/4 cents, or 0.2%, $9.20 a bushel.
Read more: http://www.nasdaq.com/article/us-grains-fall-on-large-world-stocks-20160404-00549#ixzz44roRXO7i
