Corn, soybeans retreat on concern debt crisis may curb demand
Wednesday, 2 June 2010
LONDON, June 1 (Bloomberg): Corn declined, extending a slump by the most in six weeks in the previous session on speculation that the widening Europe debt crisis will curb demand for the grain. Soybeans also dropped 0.3 per cent.
July delivery futures in Chicago decreased 0.3 per cent to $3.58 a bushel at 4:03 p.m. in Seoul. The Journal of Commerce commodity index plunged 57 per cent in May, the most since October 2008, as Europe's debt crisis widened and China took steps to curb growth.
"External factors including the Europe debt risk still make investors jittery," said Han Sung Min, a grains futures broker at Seoul-based Korea Exchange Bank Futures Co. "US crops are looking good too, pressuring corn prices."
About 93 per cent of the corn crop was planted as of May 23, compared with 80 per cent a year earlier, the US Department of Agriculture said last week. Soybean planting was 53 per cent completed, up from 38 per cent a week earlier, the agency said.
July delivery futures in Chicago decreased 0.3 per cent to $3.58 a bushel at 4:03 p.m. in Seoul. The Journal of Commerce commodity index plunged 57 per cent in May, the most since October 2008, as Europe's debt crisis widened and China took steps to curb growth.
"External factors including the Europe debt risk still make investors jittery," said Han Sung Min, a grains futures broker at Seoul-based Korea Exchange Bank Futures Co. "US crops are looking good too, pressuring corn prices."
About 93 per cent of the corn crop was planted as of May 23, compared with 80 per cent a year earlier, the US Department of Agriculture said last week. Soybean planting was 53 per cent completed, up from 38 per cent a week earlier, the agency said.