Futures | Corn & Soybean Futures: Corn futures fall 6% after bearish USDA crop report; soybeans down 1.3%.

William L. Watts

2-3 minutes - Source: MarketWatch

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Corn and soybean futures both fell sharply Monday after the U.S. Department of Agriculture's August production estimates projected larger-than-expected crops following an extremely wet spring that severely delayed corn planting, followed by dry conditions across much of the Midwest. Corn for December delivery CZ19, -5.98% on the Chicago Board of trade fell 25 cents to $3.9275 a bushel, a decline of 6%. November soybeans SX19, -1.35% dropped 11.5 cents, or 1.3%, to $8.8075 a bushel. The report estimated that U.S. farmers would produce 13.9 billion bushels of corn, down 4% from last year but larger than analysts had expected. Soybean production is forecast to fall 19% from last year to 3.68 billion bushels.