CBOT crop futures fall amid inventory, acreage reports

CHICAGO, March 29 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled lower on Friday, with corn falling more than 4 percent due to huge domestic stockpile and rising acreage.

CBOT corn contract for May delivery was down 17.5 cents, or 4.68 percent to close at 3.565 dollars per bushel. May wheat was down 6.75 cents, or 1.45 percent, to settle at 4.5775 dollars per bushel. May soybeans were down 5.25 cents, or 0.59 percent, to close at 8.8425 dollars per bushel.

The U.S. Department of Agriculture (USDA) on Friday released its latest quarterly grain stocks report, pegging the corn stocks at 8.60 billion bushels as of March 1, compared with the average trade estimate of 8.335 billion bushels.

Meanwhile, the USDA estimates that U.S. corn acreage this spring will be 92.792 million acres, versus the average trade projection of 91.332 million.

The combination of higher-than-expected stocks and planting acreage dragged down corn prices by a rarely seen percentage of 4.68, said market analysts.

The USDA pegged the U.S. soybean stocks at 2.72 billion bushels, compared with the average trade estimate of 2.683 billion bushels. However, recent export sales and progress in the U.S.-China trade talks curbed the fall of soybeans.

The USDA has just confirmed sales of 816,000 metric tons of soybeans by private exporters for delivery to China during the 2018/19 marketing year.

Meanwhile, reports from Beijing said high-ranking officials from China and the United States discussed on Thursday and Friday the related text of an agreement and achieved new progress.

CBOT wheat fell more than 1 percent for the second straight day under spillover effect.