Grain futures mixed; Corn trades at 3-year low on crop prospects

Investing.com - U.S. grain futures were mixed on Monday, with corn prices trading at the lowest level since August 2010 amid expectations this year's corn harvest in the U.S. will be the largest on record.

On the Chicago Mercantile Exchange, corn futures for December delivery traded at USD4.2663 a bushel, little changed on the day.

Corn prices traded in a tight range between USD4.2620 a bushel, the daily low and a session high of USD4.2700 a bushel.

The December corn contract fell to USD4.2560 a bushel on Friday, the weakest level since August 26, 2010, before settling at USD4.2720 a bushel, down 0.23%.

Futures have been on a downward trend in recent weeks as favorable weather conditions in key corn-growing states in the U.S. allowed farmers to accelerate the pace of the harvest.

According to the U.S. Department of Agriculture, nearly 59% of the corn harvest was completed as of last week. The agency also said that approximately 62% of the corn crop was rated in 'good' to 'excellent' condition.

Elsewhere on the CBOT, soybeans futures for January delivery traded at USD12.5650 a bushel, up 0.35%.

Prices of the oilseed traded in a range between USD12.5020 a bushel, the daily low and the weakest level since August 14 and a session high of USD12.5888 a bushel.

The January soy contract ended down 1.16% at USD12.5140 a bushel on Friday.

Meanwhile, wheat for December delivery traded at USD6.6988 a bushel, 0.35% higher.

Wheat prices held in a range between USD6.6600 a bushel, the daily low and a session high of USD6.7138 a bushel.

The December contract dropped to USD6.6440 a bushel on Friday, the lowest since September 25, before settling up 0.04% to end at USD6.6760 a bushel.

Wheat prices are down nearly 6% since hitting a four-and-a-half-month high of USD7.1120 a bushel on October 21 as market players monitored crop prospects in the U.S., South America and countries in the Black Sea-region.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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