DES MOINES, Iowa (Agriculture.com)—The U.S. 2015 corn and soybean crops keep getting bigger, according to the USDA Tuesday. As a result, the CME Group’s corn and soybean markets have turned lower.
At the close, the Dec. corn futures settled 7 3/4 cents lower at $3.59. Nov. soybean futures closed 9 cents lower at $8.64 1/2.
Dec. wheat futures finished 11 cents lower at $4.90 3/4.
Dec. soymeal futures ended $2.80 per short ton lower at $292.20. Dec. soyoil futures closed $0.50 lower at $27.27.
In the outside markets, the Crude oil market is $0.54 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 3 points lower.
On Tuesday, the USDA pegged the U.S. corn crop at 13.654 billion bushels vs. the trade's expectation of 13.55 billion bushels and its October estimate of 13.555 billon bushels.
Also, the USDA estimated the U.S. 2015 corn yield average at 169.3 bushels per acre vs. the trade's estimate of 168 bushels per acre, and higher than its October estimate of 168 bushels per acre.
U.S. corn harvested acreage was left unchanged at 80.7 million vs. the trade's estimate of 80.7 million.
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For soybeans, the USDA pegged the U.S. 2015 crop size at 3.981 billion bushels vs. the trade's expectations of 3.912 billion bushels, and above its October estimate of 3.88 billion bushels.
USDA estimated the U.S. soybean yield at 48.3 bushels per acre vs. the trade's estimate of 47.5 bushels per acre, and above its October estimate of 47.2 bushels per acre.
Also, the U.S. soybean harvested acreage was left at 82.4 million vs. the trade's expectations of 82.4 million.
