Chicago corn and soybean retreat on favorable weather and weaker crude oil, wheat climbs

14:21, June 24, 2010      

Email | Print | Subscribe | Comments | Forum 

Chicago soybean and corn futures extended losses on Wednesday, pressured by the speculation that more favorable weather forecast into next week in U.S. Midwest would benefit crops and raise yield potential, weaker crude oil prices as well as a broad decline in commodities markets. Wheat climbed, as excessive rains in U.S may curb output.

November soybean dropped 12.5 cents or 1.3 percent to 9.235 dollars a bushel. July wheat was up 1.5 cents, or 0.3 percent, to 4.6225 dollars per bushel. July corn dropped 5.0 cents, or 1.4 percent, to 3.465 dollars per bushel.

The sharply lower crude oil prices as well as the much lower- than-expected new home sale data released on Wednesday have both contributed to keep a lid on grain markets.

A cooler forecast from late Sunday into the first days of July helped to alleviated investors concern that a hot, dry spell forecast may shift into more threatening weather pattern for corn and soybean crops , and set the weak tone for corn and soybean.

"Just not a good day today: good growing conditions, weakness in the US stock market, a lot of problems overseas. The dollar was even down sharply today, but the grain market couldn't withstand, we are having very good crops, the corn crop is outstanding, if we continue with the good weather here in the US, we're probably going to have lower prices, especially with stock market looks vulnerable to hit new yearly lows", said Michael Seery, from Olympus Futures.

Trader also indicated that the speculations that excessive rain in U.S southern plain may add to the already saturated soil moisture levels in some areas and hurt the hard red winter wheat which has not been harvested yet, and offered strong support to wheat price.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • A man visits "Thy Word Is Truth, the Bible Ministry Exhibition of the Protestant Church in China", during its opening at Mount Vernon Place United Methodist Church in Washington DC, capital of the United States, Sept. 28, 2011. Through the Bible's various Chinese versions, ancient or modern, as well as pictures, paintings, calligraphy, art works and historical documents, the exhibition was expected to give an overall understanding of how Bible was brought into China, how it was translated, published, distributed and loved. (Xinhua/Zhang Jun)
  • A visitor passes by in the exhibition of Istanbul design week on Sept. 28, 2011 in Istanbul, Turkey. Istanbul design week will be hosting designers and design exhibitions from around the world in Istanbul from Sept 28 to Oct 2 with the participation of 25 countries. (Xinhua/Ma yan)
  • Red flag flies at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 28, 2011. A spokesperson with China's manned space program said Wednesday that fuel has been injected into the Long March-2FT1 carrier rocket in preparation for launching the Tiangong-1 space module Thursday evening as planned. (Xinhua/Wang Jianmin)
  • A militant loyal to the Libyan National Transitional Council (NTC) waves in a tank near Bani Walid, one of the pro-Muammar Gaddafi strongholds, on Sept. 28, 2011. (Xinhua/Hamza Turkia)
  • Jewish worshippers pray at the Western Wall, Judaism's holiest prayer site, in Jerusalem's Old City on Sept. 28, 2011, ahead of Rosh Hashanah, the two-day Jewish new year which will begin at sunset on Sept. 28 and conclude at nightfall on Sept. 30. (Xinhua/Muammar Awad)
  • High school student Johanna Choapa is helped by her father after announcing the end of hunger strike in Santiago, capital of Chile, on Sept. 28, 2011. The end of the strike took place to make way for a dialogue with the government, seeking to resolve the four-month crisis in the education sector. (Xinhua/Jorge Villegas)
Hot Forum Discussion