Corn falls, halting rally
Sunday, 21 March 2010
NEW YORK, March 20 (Bloomberg): Corn fell, paring its first weekly gain this month, as a rebound in the dollar eroded the appeal US grain exports and commodities as an alternative investment.
The dollar rose against six major currencies on speculation that Greece may fail to secure financial assistance from the European Union. US stocks fell as an unexpected rise in interest rates in India, the second-most populous nation, spurred speculation that global growth will slow. The US is the world's largest corn grower and exporter.
Corn futures for May delivery fell 1.5 cents, or 0.4 per cent, to $3.745 a bushel on the Chicago Board of Trade. Prices rallied the previous three days, ending the week up 2.8 per cent, the first gain since the week ended Feb. 26.
The dollar rose against six major currencies on speculation that Greece may fail to secure financial assistance from the European Union. US stocks fell as an unexpected rise in interest rates in India, the second-most populous nation, spurred speculation that global growth will slow. The US is the world's largest corn grower and exporter.
Corn futures for May delivery fell 1.5 cents, or 0.4 per cent, to $3.745 a bushel on the Chicago Board of Trade. Prices rallied the previous three days, ending the week up 2.8 per cent, the first gain since the week ended Feb. 26.