CHICAGO, May 10 (Xinhua) -- Chicago agricultural commodity market on Friday went down across the board on a negative U.S. Department of Agriculture (USDA) report released in the same day.
The most active corn contract for July delivery dropped 12.5 cents, or 1.93 percent, to close at 6.3625 dollars per bushel. July wheat lost 19.25 cents, or 2.66 percent, to settle at 7.0425 dollars per bushel. July soybeans fell 9.75 cents, or 0.69 percent, to close at 13.99 dollars per bushel.
July corn traded sharply lower after the USDA report increased the 2012-2013 ending stocks estimates to 759 million bushels and the 2013-2014 ending stocks estimates to 2.004 billion bushels. The world's ending stocks estimates stood at 125.43 million tonnes for the 2012-2013 marketing year and 154.63 million tonnes for the 2013-2014 marketing year. The report put corn production in Brazil at 72 million tonnes and that in Argentina at 27 million tonnes.
July wheat also dropped on the heels of USDA report, which put the 2012-2013 U.S. wheat carryout at 731 million bushels and the 2013-2014 carryout at 670 million bushels, up from traders' estimates of 658 million bushels. The world's ending stocks of wheat for the 2013-2014 marketing year came at 186.38 million tonnes, up from the 2012-2013 ending stocks of 180.17 million tonnes.
July soybean reported the smallest drop among the three major agricultural commodities after USDA posted new soybean crop ending stocks at 265 million bushels, up from traders' estimates of 236 million bushels. The report put the planting acreage estimates at 77.1 million acres (about 31 million hectares) and yield at 44.5 bushels per acre to allow for a record high production forecast of 3.39 billion bushels. The world's ending stocks for 2013-2014 marketing year were estimated at 74.96 million tonnes, also a record high.
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