Corn fell for a second day after a government report showed planting in the U.S. was nearing completion amid drier weather that may improve growing conditions. Wheat and soybeans declined.
Corn for December delivery dropped as much as 0.8 percent to $5.4175 a bushel on the Chicago Board of Trade, before trading at $5.445 at 1:21 p.m. Singapore time. The contract lost 2.2 percent yesterday, the most in five weeks on speculation that hot, dry weather in the U.S. Midwest will improve crop prospects after heavy rains delayed spring planting.
Improving weather conditions in the Midwest for late planting and crop development were forecast by DTN in a report yesterday. About 95 percent of corn was sown in the main growing regions as of June 9, compared with a five-year average of 98 percent, U.S. Department of Agriculture data show.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Mingze Wu
Latest posts by Mingze Wu (see all)
- European Bourses Not Enjoying Bullish Winds From US Stocks - 17 April 2014
- More Aggressive Stimulus Possible Despite Premier Li’s Denial - 17 April 2014
- China March FDI -1.5% Y/Y vs +2.05% expected. First decline in more than a year. - 16 April 2014