Corn falls from highest level in five weeks on helpful dry weather
October 15, 2014 8:53 am
Corn pulled back from a five week high after dry weather in the US’ planting regions spurred outlook of faster production after wet weather delayed harvests.
Futures for the commodity grain fell by as much as 0.6% to a price per bushel of $3.55 and was trading late morning Singapore time at $3.5525 on the Chicago Board of Trade. Corn increased to $3.575 yesterday, the highest value among most active contracts since September 8th, to mark a 6.9% climb over two days.
The US Department of Agriculture (USDA) released a report yesterday that showed that 24% of corn crops in the US, the largest producer of the grain in the world, has been harvested as of October 12th, 17% more than the amount the previous week, but still behind the five year average of 43%. Possible dry weather coming this week could significantly accelerate harvesting in the Midwest after rainy weather delayed progress, said the MDA Weather Services yesterday. The USDA forecasts that US farmers will harvest a record high 14.475 billion bushels of corn this year.
The Australia & New Zealand Banking Group Ltd. says that, “Heavy rains in the U.S. this week are likely to slow harvest, but warmer weather next week may temper recent gains.”
Soybeans with a delivery date in November lost 0.4% today for a price per bushel of $9.605 a day after reaching its highest since September 19th of $9.705. Wheat for December delivery ended a three day rally and declined by 0.2% to $5.0825 per bushel.
The material has been provided by InstaForex Company – www.instaforex.com
Corn pulled back from a five week high after dry weather in the US’ planting regions spurred outlook of faster production after wet weather delayed harvests.
Futures for the commodity grain fell by as much as 0.6% to a price per bushel of $3.55 and was trading late morning Singapore time at $3.5525 on the Chicago Board of Trade. Corn increased to $3.575 yesterday, the highest value among most active contracts since September 8th, to mark a 6.9% climb over two days.
The US Department of Agriculture (USDA) released a report yesterday that showed that 24% of corn crops in the US, the largest producer of the grain in the world, has been harvested as of October 12th, 17% more than the amount the previous week, but still behind the five year average of 43%. Possible dry weather coming this week could significantly accelerate harvesting in the Midwest after rainy weather delayed progress, said the MDA Weather Services yesterday. The USDA forecasts that US farmers will harvest a record high 14.475 billion bushels of corn this year.
The Australia & New Zealand Banking Group Ltd. says that, “Heavy rains in the U.S. this week are likely to slow harvest, but warmer weather next week may temper recent gains.”
Soybeans with a delivery date in November lost 0.4% today for a price per bushel of $9.605 a day after reaching its highest since September 19th of $9.705. Wheat for December delivery ended a three day rally and declined by 0.2% to $5.0825 per bushel.
The material has been provided by InstaForex Company – www.instaforex.com
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