Wheat, corn, soy futures fall

Wheat and corn futures fell for the second week in response to a revised global production estimate from the International Grains Council of 1.77 billion tons, up from an earlier estimate of 1.76 billion tons. Futures for soybeans also slid.
March-delivery wheat dropped 1.6% to $4.9175 a bushel on the Chicago Board of Trade at 1:50 p.m. Singapore time on January 22, according to Bloomberg news agency. The week's total losses were 3.6%. The price of corn for March delivery slipped 1.2% to $3.675 a bushel, making the total loss for the week also 1.2%.
March-delivery soybeans fell 0.8% to $9.46 a bushel, bringing the week's total loss to 2.9%, in the wake of an announcement from the U.S. Department of Agriculture that worldwide soybean production could break records at 253.4 million tons. Brazil's projected harvest of 65 million tons is expected to outpace U.S. production, according to the USDA.
Agricultural commodities "are in for a bit of a major downfall. With abundant world supply, that’s what’s going to have to happen," Paul McKay, a director at Commodity Broking Services Pty., told Bloomberg.