CHICAGO, Aug. 12 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn and soybean rising and wheat falling.
The most active corn contract for December delivery rose 3.75 cents, or 1.16 percent, to close at 3.2725 U.S. dollars per bushel. September wheat dropped 3.75 cents, or 0.76 percent, to settle at 4.9125 dollars per bushel. November soybean inched up 9.5 cents, or 1.09 percent, to close at 8.83 dollars per bushel.
USDA National Agricultural Statistics Service (NASS) estimated the U.S. corn crop at 15,278 million bushels, a record with the 2020 U.S. corn yield forecast at a record large 181.8 bushels per acre (BPA).
NASS estimated 2020 U.S. soybean production at 4,420 million bushels, just below the record of 2018 at 4,430 million bushels, and soybean yield at a record 53.3 BPA.
U.S. spring wheat production was increased to 577.5 million bushels with U.S. 2020 all wheat production estimated at 1,838 million bushels with a yield of 50.1 BPA.
The World Agricultural Supply and Demand Estimates (WASDE) raised 2020/21 U.S. corn end stock forecast to 2,756 million bushels, the largest in 33 years; and raised feed/residual use by 75 million bushels to 5,925 million bushels with exports increasing 75 million bushels to 2,225 million bushels. WASDE held China's corn imports from all origins at 7 million metric tons.
WASDE estimated 2020/2021 U.S. soybean end stocks at 610 million bushels, up 185 million bushels from July as the 2020 U.S. soybean crop grew a hefty 290 million bushels. The new crop supply was the second largest on record.
Estimate of 2020/2021 world soybean stocks at 95.4 million metric tons was only slightly higher than July as WASDE raised China's soybean import estimate to 99 million metric tons, up 3 million metric tons. Non-Chinese soybean trade was raised 4 million metric tons to 165.4 million metric tons.
WASDE cut forecast of 2020/2021 U.S. wheat stocks to 925 million bushels based on a 25-million-bushel hike in export demand to 975 million bushels.
In world wheat supplies/trade, WASDE raised estimate of 2020/2021 Russian wheat production to 78.0 million metric tons and increased its exports to 37.5 million metric tons. The European wheat harvest was cut by 4 million metric tons to 135.5 million metric tons with exports cut by 1.5 million metric tons to 25.5 million metric tons. WASDE held estimate of China's wheat crop at 136 million metric tons with imports of 6 million metric tons.
Chicago-based consulting company AgResource saw the USDA August report as slightly bearish, and predicted a further increase in U.S. corn, soybean yields in coming monthly reports.
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