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Corn & Soybeans Fall as Dry Weather Helps Accelerate Harvest

October 23, 2013 at 0:11 by Vladimir Vyun

Corn and soybeans fell today on speculations that dry weather will help US farmers to accelerate gathering of the crops. Harvest was slower than usual this year, but favorable conditions should allow to finish harvesting faster. This promises higher yield and such prospect is negative for prices. Previously, there were concerns that excessive rainfall would reduce output.

Poor US employment data was positive for the commodity market as a whole. Yet agricultural products are less dependent on financial news and more on weather as well as supply and demand information. The US Department of Agriculture usually provides data that affects prices in the agricultural sector to a great degree. Yet the US government shutdown made the USDA cancel some reports, including October’s report about global production and consumption. The next release of the estimate is scheduled on November 8.

December futures for delivery of corn slid $0.0575 (1.3 percent) to $4.3825 per bushel as of 00:06 GMT on CBoT today. January soybeans ticked down $0.001 (0.08 percent) to $13.0225 per bushel.

If you have any questions and comments on the commodities today, use the form below to reply.

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