Corn, Soybeans decline
Monday, 27 July 2009
NEW YORK, July 26 (Bloomberg): Corn fell, capping a seventh straight weekly decline, and soybeans dropped on expectations that cool weather and rain will boost yields in the US, tempering the effects of planting delays.
The Midwest will be mostly cool and wet over the next 10 days, with little stress on plants, John Dee, president of Global Weather Monitoring in Mohawk, Michigan, said today in a report. Warmer weather beginning Aug. 5 should help corn and soybeans develop, said Allen Motew, a meteorologist for QT Weather in Chicago. The US is the largest grower and exporter of both crops.
"With the cool temperatures and rain somewhere every second or third day, the weather has been stress-free for the crops," said Dan Cekander, a Newedge USA LLC senior grain analyst in Chicago. "Warmer weather in August would be beneficial for pushing the crops toward maturity," boosting production, he said.
Corn futures for December delivery fell 11.5 cents, or 3.4 per cent, to $3.2725 a bushel on the Chicago Board of Trade, capping a weekly drop of 1.3 per cent. The price has declined 20 per cent this year, reaching a seven-month low of $3.1475 on July 22.
The Midwest will be mostly cool and wet over the next 10 days, with little stress on plants, John Dee, president of Global Weather Monitoring in Mohawk, Michigan, said today in a report. Warmer weather beginning Aug. 5 should help corn and soybeans develop, said Allen Motew, a meteorologist for QT Weather in Chicago. The US is the largest grower and exporter of both crops.
"With the cool temperatures and rain somewhere every second or third day, the weather has been stress-free for the crops," said Dan Cekander, a Newedge USA LLC senior grain analyst in Chicago. "Warmer weather in August would be beneficial for pushing the crops toward maturity," boosting production, he said.
Corn futures for December delivery fell 11.5 cents, or 3.4 per cent, to $3.2725 a bushel on the Chicago Board of Trade, capping a weekly drop of 1.3 per cent. The price has declined 20 per cent this year, reaching a seven-month low of $3.1475 on July 22.