Corn and soybean futures resumed recent declines on Thursday as analysts speculated that a government report next week will see record crop yields grow even larger than expected.
Corn for December delivery fell by 0.7 percent, to a new total of $3.675 per bushel, while soybeans for January delivery fell 0.4 percent to $10.15 per bushel, according to Bloomberg. Both of those totals are double-digit percentages below prices from last year.
The U.S. Department of Agriculture is on schedule to update its forecast on November 10, and its results are predicted to rise above already-record yields. While October reports saw overall production of 14.475 billion bushels of corn and 3.927 billion bushels of soybeans, the most recent market expectations believe those benchmarks will grow to 14.556 billion bushels and 3.969 billion, respectively.
"Everyone is sitting on their hands and waiting for the USDA report," Dave Norris, an independent grain broker in Harrogate, England, told the news source in a phone interview. "Everyone seems to think they're going to increase production estimates again for corn and soybeans and up the yield estimates a bit as well."
These results came after soybean and corn futures fell on Wednesday, with soybeans falling 1.05 percent and corn down 2.41 percent, Nasdaq reported.
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