Corn climbs from lowest since October 2006 as dollar declines
Wednesday, 9 September 2009
NEW YORK, Sept. 8 (Bloomberg): Corn advanced from a three-year low and soybeans rose for the first day in six on speculation that the dollar's weakness may increase demand supplies from the US, the world's top grower and exporter of the crops.
Corn rallied as much as 1 per cent after slumping to the lowest since October 2006 and the oilseed added as much as 1.3 per cent as the dollar weakened before speeches by US policy makers including Chicago Fed President Charles Evans and Dallas Fed President Richard Fisher this week, making more attractive to overseas buyers holding other currencies.
"The US dollar must be closely watched; a break beneath its recent range would underpin a fresh spate of investment flows into the commodity space," Toby Hassall, an analyst at CWA Global Markets Pty in Sydney, said in an e-mail today.
December-delivery corn rose as much as 3 cents to $3.0925 a bushel in electronic trading on the Chicago Board of Trade. The grain was at $3.09 at 4:04 p.m. Singapore time after touching $3.02 a bushel, the lowest since Oct. 13, 2006. Prices dropped 6.9 per cent last week. The US market was closed yesterday for the Labor Day holiday.
Soybeans for November delivery added as much as 12 cents to $9.34 a bushel. The oilseed last traded at $9.33 after dipping to $9.105, the lowest price since July 29. The price declined 8.8 per cent last week, the biggest weekly drop since July 10.
Corn rallied as much as 1 per cent after slumping to the lowest since October 2006 and the oilseed added as much as 1.3 per cent as the dollar weakened before speeches by US policy makers including Chicago Fed President Charles Evans and Dallas Fed President Richard Fisher this week, making more attractive to overseas buyers holding other currencies.
"The US dollar must be closely watched; a break beneath its recent range would underpin a fresh spate of investment flows into the commodity space," Toby Hassall, an analyst at CWA Global Markets Pty in Sydney, said in an e-mail today.
December-delivery corn rose as much as 3 cents to $3.0925 a bushel in electronic trading on the Chicago Board of Trade. The grain was at $3.09 at 4:04 p.m. Singapore time after touching $3.02 a bushel, the lowest since Oct. 13, 2006. Prices dropped 6.9 per cent last week. The US market was closed yesterday for the Labor Day holiday.
Soybeans for November delivery added as much as 12 cents to $9.34 a bushel. The oilseed last traded at $9.33 after dipping to $9.105, the lowest price since July 29. The price declined 8.8 per cent last week, the biggest weekly drop since July 10.