Commodity Blog

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Bad Trading Session for Corn, Hogs, Soybeans, Wheat

October 31, 2013 at 22:25 by Vladimir Vyun

Wheat prices sank today on anticipation of increasing supply from India, the second-biggest producer in the world. Rains in the United States are expected to boost harvest, adding to downside pressure on prices. December futures for delivery of wheat sank $0.075 (1.11 percent) to $6.675 per bushel as of 22:08 GMT on CBoT today.

Weather was favorable in South America too, hurting prices for corn and soybeans. Rainfall in Argentina should ease drought, improving conditions for crops. December corn fell $0.0200 (0.46 percent) to $4.2825 per bushel and soybeans declined $0.1025 (0.8 percent) to $12.6625 per bushel in Chicago.

Concerns that production will exceed consumption led to decline of hogs futures. The US Department of Agriculture reported that meatpackers processed 1.29 million hogs in the first three days of this week, 1.5 percent more compared to the same period a year ago. At the same time, exporters sold 3.254 billion pounds of pork in the first eight months of this year, 8.6 percent less than in the previous year. December contract for delivery of hogs lost as much as $0.0123 (1.36 percent) to $0.8918 per pound on CME today.

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