Chicago grain futures plunge on bearish outside market, disappointing export sale (2)

10:56, June 05, 2010      

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The disappointing U.S. non-farm payroll data released on Friday underpinned investors' concern that the U.S. and global economic recovery remained weak, which may restrain overall overseas demand of U.S. grain exports.

Meanwhile, the comments of a key Hungarian official that Hungary' s economy is in a very grave situation has ignited the fear of contagion over Greece's debt crisis, and triggered selling in energy, equity and many other commodity markets. Euro has hit a fresh 4-year low against dollar. A sharply higher dollar has also kept a lid on grain prices on Friday. "Likewise, in the July corn farmers are hoping for sales at higher prices, unfortunately with the stronger dollar it's really hard to get those higher prices", according to John Bougereal.

USDA said on Friday in a report that weekly export sales of corn in the week ended May 27 totaled 313,100 tonnes, which was far below trade expectations. Weekly export sales of wheat came in at a very disappointing minus 53,200 metric tonnes for the current marketing year. Export sales of soybeans for the current marketing year fell 23 percent to 135,000 tons last week. The slowing overseas demand for U.S grains, in sharp contrast with the abundant global supplies has sparked a market-wide sell-off today and pushed the grain prices lower.

Source: Xinhua
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(Editor:燕勐)

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