Commodity Blog

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Favorable Weather Drives Down Corn, Soybeans and Wheat

June 1, 2010 at 19:55 by Vladimir Vyun

Corn declined today on forecasts that favorable weather in the U.S., the largest grower and exporter in the world, will boost the output. Rainfalls and cooler temperature this week should increase soil moisture, improving conditions for the crop growth. July futures for corn delivery declined $0.015 (0.4 percent) to $3.575 per bushel by 10:08 on the Chicago Board of Trade.

Wheat futures dropped to the lowest level in seven months also on good weather conditions. Global inventories of wheat may rise to 198.1 million metric tons over a year. July futures for wheat delivery dropped $0.04 (0.9 percent) to $4.5375 per bushel as of 10:34 on CBoT.

Soybean prices also slid on speculations that warm, rainy weather boosts crop growth in the U.S., the biggest grower and exporter. Earlier the oilseed gained on prediction that farmers will stop selling until July or August, when they will be able to assess the size of this year’s harvest. July futures for soybean delivery slid $0.0525 (0.6 percent) to $9.325 per bushel at 11:21 on CBoT.

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