Corn, wheat drop for second day before global supply report
Wednesday, 12 May 2010
NEW YORK, May 11 (Bloomberg): Corn and wheat futures declined for a second day, while soybeans were little changed, as investors and importers refrained from purchases before the release of US estimates on global agricultural supply.
Corn for July delivery fell 0.7 per cent to $3.68 a bushel in after-hours electronic trading on the Chicago Board of Trade at 2:23 p.m. Singapore time, and wheat lost 0.4 per cent to $4.91 a bushel. Soybeans were little changed at $9.6050 a bushel.
The USDA may pare its estimate of global corn stockpiles to 137.13 million tons before the next harvest, from 144.2 million tons a month earlier, according to the average estimate of 12 analysts surveyed by Bloomberg News. The USDA will release its latest forecast on global supply and demand later today in Washington.
"People are just waiting for the USDA report," and holding off purchases, said Michael Pitts, commodity sales director at National Australia Bank Ltd.
Corn for July delivery fell 0.7 per cent to $3.68 a bushel in after-hours electronic trading on the Chicago Board of Trade at 2:23 p.m. Singapore time, and wheat lost 0.4 per cent to $4.91 a bushel. Soybeans were little changed at $9.6050 a bushel.
The USDA may pare its estimate of global corn stockpiles to 137.13 million tons before the next harvest, from 144.2 million tons a month earlier, according to the average estimate of 12 analysts surveyed by Bloomberg News. The USDA will release its latest forecast on global supply and demand later today in Washington.
"People are just waiting for the USDA report," and holding off purchases, said Michael Pitts, commodity sales director at National Australia Bank Ltd.