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

10:56, June 05, 2010      

Email | Print | Subscribe | Comments | Forum 

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
【1】 【2】


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Giant red lantern lights up in Tiananmen Square to celebrate the coming National Day on Oct. 1. (Xinhua/Li Xin)
  • A ceremony is held in Taipei, southeast China's Taiwan, on Sept. 28, 2011, to commemorate the 2,562nd birthday of Confucius (551-479 BC), a Chinese thinker, educationist and philosopher. (Xinhua/Wu Ching-teng)
  • The world's first Boeing 787 Dreamliner for delivery arrives at Haneda airport in Tokyo, capital of Japan, on Sept. 28, 2011. The Boeing 787 Dreamliner, whose buyer is All Nippon Airways (ANA), will implement a flight of ANA on Oct. 26 from Tokyo's Narita Airport to Hong Kong in south China. (Xinhua/Ji Chunpeng)
  • A Libyan National Transitional Council (NTC) fighter shows what is believed to be human jawbone found inside a mass grave near Abu Salim prison in Tripoli, Libya, Spet. 27, 2011. The NTC on Sunday said they had found a mass grave containing the bodies of 1,270 people killed by Gaddafi's security forces in a 1996 massacre at Abu Salim prison in southern Tripoli. (Xinhua/Li Muzi)
  • Rescue workers and local residents search for survivors after a building collapsed in old Delhi, India, Sept. 27, 2011. At least 10 people were killed and 35 injured when an old three-storey building collapsed. More than a dozen people are still feared trapped under the debris, police said. (Xinhua/Partha Sarkar)
  • A visitor has flying experience in the windmill castle of Jinshitan National Holiday resort in Dalian, northeast China's Liaoning Province, Sept. 27, 2011. The castle is a 23-meter-high building with 21 meters in diameter. The castle uses wind tunnel to make objects floating in the air. It is the first indoor stadium in China, which enables people to have flying experience. (Xinhua/Zhang Chunlei)
Hot Forum Discussion