Chicago grain futures extend losses as dollar strengths

09:13, June 02, 2010      

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Chicago corn futures hit 5-week low on Tuesday, soybean touched one week low, and wheat reached 7- month low as dollar surged to new 4-year high against euro.

Soybean futures for July delivery dropped 5.75 cents, or 0.6 percent, to settle at 9.32 U.S. dollars per bushel, the price touched 9.305 dollars per bushel, the lowest level for a most- active contract since May 25. July corn was down 5.0 cents, or 1. 4 percent, to 3.54 dollars a bushel, after touching 3.53 dollar per bushel, the lowest point for a most-active contract since April 27. July wheat dipped 7.0 cents, or 1.5 percent, to 4.5075 dollars a bushel, after touching 4.4875 dollars per bushel, the lowest level since Oct. 6.

Euro plunged to the lowest point against U.S dollar since April 2006 earlier today, as European Central Bank warned on Monday that European banks could face considerable loan losses next year. With the surge in the dollar, a modest sell-off in equities and a sharp break in crude oil, grain futures plummeted prior to the close.

"It was generally a weak session across the board. Strength in the dollar index continued to play a negative role in prices across the complex. And demand was really a question across the commodity complex on a global basis", said Lincoln Ellis from Linn Group.

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