Corn Futures Options Trading
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Corn Futures Options TradingCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Corn Futures Jump On Speculation U.S. Planting Pace Slower; Wheat Up April 28th, 2008Corn futures in Chicago gained on speculation a government report will show slower progress in U.S. crop planting than last year after cold, wet weather. Soybeans, wheat and rice also advanced. About 4 percent of the U.S. corn crop was planted as of April 20, compared with 9 percent a year earlier and the five- year average of 17 percent, the U.S. Department of Agriculture said April 21 in a report. The USDA is scheduled to update weekly crop conditions and planting progress later today. ``We may see slower U.S. corn crop sowing progress than last year,'' Takaki Shigemoto, an analyst at Tokyo-based commodity broker Okachi & Co., said by phone today. Slower corn planting may be bearish for soybeans, as it could prompt more farmers to switch to the oilseed, he said. Corn for July delivery rose as much as 15.75 cents, or 2.7 percent, to $6.065 a bushel in after-hours electronic trading on the Chicago Board of Trade and stood at $6.0575 as of 12:32 p.m. London time. Corn has gained 65 percent in the past year, reaching a record $6.23 on April 17. India, the world's second-biggest consumer of wheat, bought 12.6 million metric tons of the grain from local farmers since harvesting began April 1, the food ministry said today. The quantity is 66 percent more than the 7.6 million tons of wheat purchased in the same period a year earlier, the ministry said in a statement in New Delhi. The government may buy as much as 19 million tons locally this year, Agriculture Minister Sharad Pawar said last week. Corn, SoybeansThe U.S. is the biggest producer and exporter of corn. The USDA on March 31 forecast an 8.1 percent drop in corn planting this year to 86.014 million acres, as farmers sowed more soybeans and wheat. The yield potential for corn declines unless seeds are sown before the end of April in the southern Midwest or by the middle of May in the rest of the region, because plants need to pollinate before the arrival of hot summer weather. Planting of soybeans usually begins in early May. Corn and soybeans also drew support after crude oil jumped to a record $119.93 a barrel, boosting demand for biofuel made from the crops and raising production costs for the grains. Soybeans for July delivery were up 14.75 cents, or 1.1 percent, at $13.5175 a bushel after gaining as much as 1.3 percent to $13.54. The futures have risen 86 percent in the past year, reaching a record $15.8625 on March 3, after U.S. farmers last year slashed plantings to the lowest in more than a decade. Wheat AdvancesWheat for July delivery advanced as much as 16.50 cents, or 2 percent, to $8.32 a bushel and last traded at $8.2875. It fell 7.9 percent last week, a third straight weekly loss. Futures have gained 71 percent in the past year, reaching a record $13.495 a bushel on Feb. 27. Milling wheat for November delivery on the Euronext.liffe exchange in Paris rose 1.75 euros, or 0.9 percent, to 197.50 euros ($309). Prices have climbed 29 percent in a year. Rough rice for July delivery rose as much as 44 cents, or 1.8 percent, to $24.62 per 100 pounds and last traded at $24.29. Rice has more than doubled in the past year as China, Vietnam and Egypt curbed sales to safeguard domestic reserves, reaching a record $25.07 on April 24. Vietnam, one of the world's top three rice suppliers, said it will produce enough of the cereal to meet demand from exporters and local consumers, and banned speculators from the domestic market to help stem price increases. ``Our rice output this year will be sufficient for consumption and export,'' Prime Minister Nguyen Tan Dung said in a statement posted on the government's Web site late yesterday. Brokers and anyone not involved in the food business will be immediately banned from speculating on rice prices, he said. About 45 percent of the U.S. winter wheat crop was in good or excellent condition as of April 20, compared with 54 percent a year earlier, the USDA said last week. Farmers have planted 26 percent of the U.S. rice crop versus 40 percent a year ago and the five-year average of 43 percent, the USDA said. - Jae Hur in Singapore at Bloomberg. Click here for your Free Corn Futures Trading eGuide |
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