Corn prices advanced but wheat and soybeans retreated today after a U.S. Department of Agriculture report was released.It said the United States would have the tightest corn supply-to-demand ratio in 15 years at the end of the current crop year because of a smaller than expected crop and strong demand.It also lowered its world wheat production forecast, but not as much as traders expected.For soybeans, USDA raised its estimate of the crop to 3.483 billion bushels from 3.433 billion last month. The increase was due to a yield estimate of 44.7 bu. per acre, up from 44 in August.The USDA pegged U.S. corn at 162.5 bu. per acre, down from its August estimate of 165 bu. after hot, dry weather last month hurt the crop. The total U.S. corn crop was forecast at 13.16 billion bu., down from 13.365 billion in August.World wheat production was put at 643.01 million tonnes, down from its August estimate of 645.73 million. However, analysts had expected it to go even lower, to 641.44 million tonnes.As of shortly after 10 a.m. CST at the Chicago market, December corn futures were up 4.25 cents to $4.605 US per bu., November soybeans were down 10.5 cents to $10.355 per bu. and December wheat was down 4.5 cents to $7.335 per bu.Winnipeg November canola was down $2.60 to $456.70 Cdn per tonne.
USDA forecasts tight U.S. corn supply
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