corn, soybeans futures prices 10-2-2012

corn, soybeans futures prices 10-2-2012 : U.S. grain futures were broadly lower during European morning hours on Tuesday, with soybean prices trading at the lowest level since July after a crop progress report from the U.S. Department of Agriculture showed the U.S. soy harvest was progressing at a record pace.

On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD15.4212 a bushel, tumbling 1.1%.

The November contract fell by as much as 1.45% earlier in the session to hit a daily low of USD15.4038 a bushel, the weakest level since July 3.

The USDA’s weekly crop progress report released after Monday’s closing bell showed that approximately 41% of the U.S. soy crop was harvested as of September 30, up from the 22% recorded a week earlier.

The five-year average for this time of year is 19%, while only 15% of the crop was harvested in the same week a year earlier.

Soybean prices have been under heavy selling pressure in recent weeks, losing nearly 14% since hitting an all-time high of USD17.8888 a bushel on September 4, as U.S. farmers started harvesting soybeans at a brisk pace.

Soy traders were also starting to focus on soybean production in Brazil and Argentina, the world’s second and third largest exporters of the oilseed.

Brazilian-based industry group Celeres raised its forecast for the country's soy crop by nearly 1 million tonnes to a record 79.08 million tonnes.

Meanwhile, corn futures for December delivery traded at USD7.5388 a bushel, shedding 0.5%. The December contract fell by as much as 0.55% earlier to hit a session low of USD7.5312 a bushel.

The USDA said that nearly 54% of the U.S. corn crop was harvested as of last week, up from 39% in the preceding week and significantly higher than the 18% recorded in the same week a year earlier.

The five-year average for this time of year is 20%.

Corn prices have been under pressure in recent weeks, after data showed the U.S. corn harvest was accelerating at a faster rate than anticipated.

Corn prices touched a record high of USD8.4237 a bushel on August 10, as escalating concerns over the impact of the worst drought in at least 56 years in the U.S. Midwest and Great Plains-region drove prices higher.

Elsewhere, wheat for December delivery traded at USD8.7462 a bushel, dropping 1.1%. Earlier in the day, prices fell by as much as 1.4% to hit a session low of USD8.7300 a bushel.

Corn is the biggest U.S. crop, valued at USD66.7 billion in 2010, followed by soybeans at USD38.9 billion, government figures show. Wheat was fourth at USD13 billion, behind hay.

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