Corn down

Reuters

Chicago

Chicago Board of Trade corn futures fell more than 2 percent on Wednesday, the most in a month, while soybean and wheat futures also declined on expectations for record-large U.S. harvests and huge grain inventories.

At the CBOT, December corn settled down 8-1/2 cents at $3.37 per bushel. November soybeans ended down 8-3/4 cents at $9.45-1/2 a bushel and December wheat fell 10-1/2 cents at $3.96-3/4 a bushel.

Corn posted the biggest percentage declines on chart-based selling. The USDA lowered its estimate of the U.S. 2016 corn yield to 173.4 bushels per acre, from 174.4 in September, but still the highest on record, if realized.  And while the USDA trimmed its forecast of the amount of U.S. corn left over at the end of the 2016-17 marketing year, its figure of 2.320 billion bushels would still be the largest in 29 years, if realized. Trade in CBOT December corn was volatile for the first 15 minutes after the USDA released its report.