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Corn Futures Sink on Profit Taking

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July 21st, 2017

Improving weather forecasts sparked a selloff in corn futures, as traders took profits ahead of the weekend.

An overnight bout of rain in Midwestern states such as Iowa, combined with a wetter outlook for the remainder of the month, eased some concerns about the lack of moisture and subsequent yield loss in corn plants.

Corn futures for September delivery fell 2.9%, to $3.79 3/4 a bushel, at the Chicago Board of Trade, erasing two days of weather-related gains and increasing selling pressure on other grain-and-oilseed contracts.

"We had a pretty good run this week. Anybody that bought and is looking at the less threatening forecast is probably selling," said Doug Bergman, head of the agricultural trading desk at RCM Alternatives in Chicago. "A cooler weather outlook would definitely be welcomed by everyone that's trying to raise corn."

A second day of falling crude oil prices, meanwhile, added to the pressure on grain-and-oilseed markets as money flowed out of the commodity sector.

Contracts for soybeans, which can compete with crude oil as a fuel source, also fell. CBOT August oilseed futures dropped 0.4%, to $10.09 a bushel.

The erratic weather that has dogged the Midwest through much of July should have less of an impact on the soybean crop, analysts say, which hasn't entered its critical yield-forming phase yet.

"Beans are a little more forgiving than corn," said Mr. Bergman. "There is quite a lot of time."

Wheat futures also fell, ending the week lower on a correction from an early July rally. CBOT September contracts fell 1.3%, to $4.99 1/4 a bushel.

 - Benjamin Parkin at Wall st. Journal.

See Also: Corn Futures, Soybean Futures, Wheat Futures


Corn Futures Decline on Concern Japan Disaster to Slash Commodity Demand

March 16th, 2011

Corn futures fell to a two-month low on concern that commodity demand will decline as Japan’s nuclear crisis escalates.

The Asian nation is struggling to control radiation leaking from a power plant damaged by the magnitude-9 earthquake and tsunami that struck on March 11, killing thousands. Japan is the world’s biggest corn buyer. On Feb. 22, the price in Chicago reached a 31-month high.

“People fear the worst possible outcome in Japan and are liquidating long positions,” said Gregg Hunt, a market analyst at Archer Financial Services Inc. in Chicago. “The situation has the potential to reduce demand” for supplies from the U.S., he said.

Corn futures for May delivery fell 19.5 cents, or 3.1 percent, to close at $6.165 a bushel at 1:15 p.m. on the Chicago Board of Trade. Earlier, the price touched $6.08, the lowest for a most-active contract since Jan. 12. Yesterday, the grain tumbled 4.5 percent, the most in four months.

Before today, the price jumped 75 percent in the past 12 months. The U.S. is the world’s leading corn exporter.

Corn is the biggest U.S. crop, valued at $66.7 billion in 2010, government figures show.

 - Jeff Wilson in Chicago at Bloomberg.