Prospects for favorable weather battered U.S. grain and soybean futures on Thursday. Corn, soybeans and wheat futures fell as forecasts for rain and temperatures considered just right for the crops bolstered their supply outlooks, weighing on prices. Analysts said that a drop in the price of crude oil on the day also played a role in corn’s decline by making it less attractive to blend ethanol. A strengthening of the dollar versus a basket of world currencies added to pressure on prices by making U.S. supplies less affordable for foreign buyers. The cancellation of some wheat export orders revealed in weekly agricultural-export data released Thursday morning further weighed on those futures.
We’re in a period of comfortable global supplies for corn, wheat and beans, “which tends to weigh on prices, May Corn slipped 8 3/4 cents, or 0.9% , at $4.65 3/4 a bushel. The more actively traded July contract lost 6 1/2 cents, or 1.4% t $ 4.72 3/4 a bushel
We’re in a period of comfortable global supplies for corn, wheat and beans, “which tends to weigh on prices, May Corn slipped 8 3/4 cents, or 0.9% , at $4.65 3/4 a bushel. The more actively traded July contract lost 6 1/2 cents, or 1.4% t $ 4.72 3/4 a bushel
Corn futures, which were lower earlier in the session, were buoyed partly by a rise in crude-oil- prices that favor to more ethanol blend. Still, a rally in corn was capped in part by a slight rise in the dollar versus a basket of currencies. July corn was up 1 1/2 cents, or 0.4% , at $3.63.
Soybean futures finished higher, too. July soybeans were up 1 1/4 cents, or 0.1% m at $9.76 1/2 a bushel.