Corn declines as El Nino increases crop prospects in Argentina
Wednesday, 27 January 2010
SINGAPORE, Jan 26 (Bloomberg): Corn dropped as El Nino brought more rain to Argentina, the world's third-largest exporter, improving crop prospects. Soybeans traded near the lowest level in more than three months.
Corn for March delivery fell 1 per cent to $3.6450 a bushel on the Chicago Board of Trade at 2:13 pm in Singapore, taking this year's loss in the most active contract to 12 per cent.
El Nino, which brings increased rain to South America, has helped boost soil moisture in the central corn and soybean belt of Argentina, Bryce Anderson, chief agricultural meteorologist at Telvent DTN Inc., said by phone Tuesday from Omaha, Nebraska. Argentina was forecast to ship 7.5 million tonnes of corn this year, the US Department of Agriculture said January 12.
Corn for March delivery fell 1 per cent to $3.6450 a bushel on the Chicago Board of Trade at 2:13 pm in Singapore, taking this year's loss in the most active contract to 12 per cent.
El Nino, which brings increased rain to South America, has helped boost soil moisture in the central corn and soybean belt of Argentina, Bryce Anderson, chief agricultural meteorologist at Telvent DTN Inc., said by phone Tuesday from Omaha, Nebraska. Argentina was forecast to ship 7.5 million tonnes of corn this year, the US Department of Agriculture said January 12.