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by Megan Durisin and Whitney McFerronCpation
Corn and soybean futures dropped to the lowest in four years as crops in the US, the world’s largest grower, were in the best condition in two decades. Wheat fell as tension eased between Ukraine and Russia.
About 74 percent of domestic corn and 72 percent of soybeans were rated in good to excellent condition as of August 31, the best for the week since 1994, the US Department of Agriculture said yesterday. INTL FCStone Inc. and Allendale Inc. both forecast production will top the USDA’s August 12 forecasts.
“This is an ideal end to the growing season,” Jeff Beal, a market analyst for Gulke Group Inc. in Chicago, said in a telephone interview. “There’s the confirmation every day that goes by that we’ve got huge crops out there. Right now, the sellers are winning.”
Corn futures for December delivery dropped 3.2 percent to close at US$3.52 a bushel at 1:15 pm on the Chicago Board of Trade. Prices touched US$3.5125, the lowest since June 2010.
Soybean futures for November delivery slumped 1.2 percent to US$10.20 a bushel, after reaching US$10.125, the lowest since September 2010. Money managers as of August 26 held the largest net-short position on the oilseed since 2006, betting on further price declines, US Commodity Futures Trading Commission data show.
Wheat futures for December delivery fell 3.5 percent to US$5.3575 a bushel. Earlier, prices dropped to US$5.35, the lowest since August 4.
Russian President Vladimir Putin and his Ukrainian counterpart Petro Poroshenko largely agreed on steps toward easing the conflict in Ukraine, Putin’s spokesman said. The two countries will account for about 21 percent of world wheat exports, USDA data show, and grain shipments have continued from the region even amid unrest.
Read more: To contact the reporters on this story: Whitney McFerron in London at wmcferron1@bloomberg.net; Megan Durisin in Chicago at mdurisin1@bloomberg.netTo contact the editors responsible for this story: Millie Munshi at mmunshi@bloomberg.net
The Global Miller
This blog is maintained by The Global Miller staff and is supported by the magazine GFMT
which is published by Perendale Publishers Limited.
For additional daily news from milling around the world: global-milling.com
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Corn and soybean futures dropped to the lowest in four years as crops in the US, the world’s largest grower, were in the best condition in two decades. Wheat fell as tension eased between Ukraine and Russia.
About 74 percent of domestic corn and 72 percent of soybeans were rated in good to excellent condition as of August 31, the best for the week since 1994, the US Department of Agriculture said yesterday. INTL FCStone Inc. and Allendale Inc. both forecast production will top the USDA’s August 12 forecasts.
“This is an ideal end to the growing season,” Jeff Beal, a market analyst for Gulke Group Inc. in Chicago, said in a telephone interview. “There’s the confirmation every day that goes by that we’ve got huge crops out there. Right now, the sellers are winning.”
Corn futures for December delivery dropped 3.2 percent to close at US$3.52 a bushel at 1:15 pm on the Chicago Board of Trade. Prices touched US$3.5125, the lowest since June 2010.
Soybean futures for November delivery slumped 1.2 percent to US$10.20 a bushel, after reaching US$10.125, the lowest since September 2010. Money managers as of August 26 held the largest net-short position on the oilseed since 2006, betting on further price declines, US Commodity Futures Trading Commission data show.
Wheat futures for December delivery fell 3.5 percent to US$5.3575 a bushel. Earlier, prices dropped to US$5.35, the lowest since August 4.
Russian President Vladimir Putin and his Ukrainian counterpart Petro Poroshenko largely agreed on steps toward easing the conflict in Ukraine, Putin’s spokesman said. The two countries will account for about 21 percent of world wheat exports, USDA data show, and grain shipments have continued from the region even amid unrest.
Read more: To contact the reporters on this story: Whitney McFerron in London at wmcferron1@bloomberg.net; Megan Durisin in Chicago at mdurisin1@bloomberg.netTo contact the editors responsible for this story: Millie Munshi at mmunshi@bloomberg.net
The Global Miller
This blog is maintained by The Global Miller staff and is supported by the magazine GFMT
which is published by Perendale Publishers Limited.
For additional daily news from milling around the world: global-milling.com
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