Chicago grain price tumble on bearish outside market, better weather

13:49, June 25, 2011      

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Chicago grain futures slipped on Friday, succumbing to speculative selling once again amid weakness from outside financial markets, as well as signs that changing weather conditions may improve crop prospects in the U.S.

The most active corn contract for December delivery lost 14 cents, or 2.2 percent, to close at 6.32 U.S. dollars per bushel. September wheat trimmed 8.25 cents, or 1.2 percent, to 6.61 dollars per bushel. November soybean lost 8 cents, or 0.6 percent, to 13.0925 dollars per bushel.

Analysts mentioned that the grain market was lifted by the decline in greenback, strengthening energy price as well as strong gains in China stock market earlier in the session, but the influence of sharp declines in crude oil futures, a firmer U.S. dollar, and price pressure in metals and world equity markets all helped cause a grain market reversal back down.

A trader mentioned that lack of confirmation of China buying U. S. corn also took some of the wind out of the sails of commodity corn prices.

Meanwhile, some traders believed a few days of hot weather next week in the U.S. Midwest as positive for crops conditions, aiding newly planted corn and soybeans, and the 11-15 day weather models showed the heat moving to the Rockies and temperature for the central U.S. Midwest will return to normal.

Source: Xinhua
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