Chicago grain futures plunge on bearish outside market, disappointing export sale

10:56, June 05, 2010      

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Chicago wheat futures touched 3- year low on Friday. Corn hit 8-month low, soybean fell the most in four weeks, as lower-than-expected U.S. job growth and falling euro inspired a resumption of flight to safety as well as concerns over the decreasing overseas demand for U.S. grain export.

Soybean futures for July delivery declined 20.0 cents, or 2.1 percent, to settle at 9.35 U.S. dollars per bushel, the largest drop since May. 6. July corn dropped 9.5 cents, or 2.7 percent, to 3.40 dollars a bushel, after touching 3.3975 dollars per bushel, the lowest price since Oct. 5. July wheat fell 6.0 cents, or 1.4 percent to 4.3575 dollars a bushel, after touching 4.35 dollars per bushel, the lowest level for the most active futures since April 2007.

"The past week ended on a very weak note for all grain markets, soybeans, corn, and wheat, that is expected to continue to carry the weakness into the next week and possibly next few weeks", said John Bougearel of Structural Logic, "Farmers has been hoping maybe old crop might get sold at higher prices during the bull-seasonal campaign, but those hopes are being diminished."

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