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

14:21, June 24, 2010      

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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.

Source:Xinhua

(Editor:黄蓓蓓)

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