Corn, wheat futures fall

JAKARTA, Apr 1 (Reuters): Chicago Board of Trade (CBOT) corn inched lower on Monday, weighed by report of multi-year high stocks, despite expectation of lower planting in 2024.

The CBOT corn fell 0.62 per cent to $4.39-1/4 a bushel by 0331 GMT.

"For corn, despite the reduced acreage, the balance sheet still should be quite heavy," a Singapore-based trader said.

The US Department of Agriculture (USDA) in a quarterly grain stocks report last week said stocks of U.S. corn as of March 1 swelled to 8.347 billion bushels, the most in five years. A separate report by USDA reported US farmers are planning to cut corn plantings by 5 per cent from last year.

Wheat was down 0.36 per cent at $5.58-1/4 a bushel while the most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.5 per cent to $11.97-1/2 a bushel.

Soybean stocks rose to a two-year high of 1.845 billion bushels, while wheat stocks rose to 1.087 billion bushels, a three-year high, the USDA report showed.