Corn and wheat futures fell on bets that U.S. supplies may be adequate, indicating yesterday’s rally was exaggerated. Soybeans were unchanged.
The gap between traders’ estimates of U.S. corn reserves, the world’s second-biggest, and official figures have reached the size of Russia’s annual consumption, increasing price swings at a time of near-record food costs.
U.S. farmers will sow more soybeans than ever this year after rains forced them to switch away from corn, cotton and wheat, which need to be planted earlier, the Department of Agriculture said.
"The market was positioned for rising supplies and instead the government cut its reserve forecasts."
- Dale Durchholz on Nov 10, 2014