Chicago soybean and wheat futures retreat as dollar firms, corn extends gains

12:37, May 25, 2010      

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Soybean futures in Chicago Board of Trade dropped on Monday as a USDA report showed this week's soybean export inspection has fallen to the lowest level since September last year.

Wheat fell as dollar strengthened, and corn rose for the fourth session in five on speculation that China may need more corn supplies from the United States.

Soybean futures for July delivery went down 0.5 cents to settle at 9.405 U.S. dollars per bushel. July corn climbed 2.0 cents to 3. 71 dollars a bushel. July wheat dropped 4.5 cents to 4.675 dollars a bushel.

The speculation that China, the world's second largest corn consumer, would bolster demand for U.S. grain has once again driven up the corn price, despite the surge in dollar and a generally favorable weather forecast for this week and possibly into next week. USDA said on Monday that this week's corn export inspections were 39.9 million bushels, 1 million bushels higher than last week, which has also lifted corn price.

The sharp rally in dollar has weighed on wheat by reducing its attractiveness in the global market, despite the fact that this week's wheat export inspection reached 20.3 million bushels, an increase of 56 percent from last week.

Trader suggested that the warmer and drier weather for most of the U.S. winter belt this week is considered quite helpful for crop development, thus putting much pressure on wheat, since there were excessive rainfalls earlier this spring in the soft red wheat belt which may cause disease and quality problems.

Soybean posted strong gains to start the session, with the price touching 9.525 dollars per bushel earlier in the session, the highest since May 17. It then gradually gave back all its gains, pressured by a strong dollar and an 8-month-low export inspection.

This week's soybean export inspections were only 3.9 million bushels, which is the lowest inspection total for soybeans since the week of Sept. 17, compared with 8.973 million bushels last week, according to USDA.

Source:Xinhua

(Editor:黄蓓蓓)

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