Soybeans rise 1 percent as corn extends losses
http://www.reuters.com/article/hotStocksNews/idUSS [2008-7-10]
Tag : Soybean #1
Corn prices fell on Wednesday, extending a neartwo-week slump on favorable crop weather, while soybeans rallied asbargain-hunters emerged after a steep sell-off this week.
Forecasts called for mostly mild growing conditions in the U.S.Midwest for the next several days. This should give corn andsoybean crops a boost. The outlook turned slightly drier onWednesday, but no extreme heat or dryness were expected.
"The weather pattern has stabilized nicely. There are no signs ofpersistently wet conditions, or very hot, dry conditions," saidMike Palmerino, a forecaster with DTN Meteorlogix.
Weather is the focus of the corn market since the crop pollinatesin July, a critical phase in determining yield.
The corn market is extra sensitive to any sign of stressful heatand dryness this year after rains that caused the worst flooding in15 years delayed or prevented corn planting in parts of theMidwest.
At the Chicago Board of Trade, front-month corn futures have fallennearly 11 percent from a record high of $7.65 a bushel, hit lessthan two weeks ago on June 27 on the back of the Midwest flooding.
CBOT front-month July corn settled Wednesday at $6.83 a bushel,down 9-3/4 cents.
The U.S. Department of Agriculture's June 30 acreage report easedworries about flood losses by indicating farmers planted 87.327million acres of corn, above trade expectations, and were likely toharvest more than 90 percent.
Corn prices fell on Wednesday, extending a neartwo-week slump on favorable crop weather, while soybeans rallied asbargain-hunters emerged after a steep sell-off this week.
Forecasts called for mostly mild growing conditions in the U.S.Midwest for the next several days. This should give corn andsoybean crops a boost. The outlook turned slightly drier onWednesday, but no extreme heat or dryness were expected.
"The weather pattern has stabilized nicely. There are no signs ofpersistently wet conditions, or very hot, dry conditions," saidMike Palmerino, a forecaster with DTN Meteorlogix.
Weather is the focus of the corn market since the crop pollinatesin July, a critical phase in determining yield.
The corn market is extra sensitive to any sign of stressful heatand dryness this year after rains that caused the worst flooding in15 years delayed or prevented corn planting in parts of theMidwest.
At the Chicago Board of Trade, front-month corn futures have fallennearly 11 percent from a record high of $7.65 a bushel, hit lessthan two weeks ago on June 27 on the back of the Midwest flooding.
CBOT front-month July corn settled Wednesday at $6.83 a bushel,down 9-3/4 cents.
The U.S. Department of Agriculture's June 30 acreage report easedworries about flood losses by indicating farmers planted 87.327million acres of corn, above trade expectations, and were likely toharvest more than 90 percent.
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