CHICAGO: Chicago Board of Trade (CBOT) new-crop December corn futures fell to a 2-1/2-year low on Monday in reaction to forecasts for beneficial US crop weather and to Friday's government acreage report that showed farmers planted the largest corn area in 77 years.
CBOT old-crop July corn rose to a three-month high in early dealings then tumbled more than 3 percent, posting its first loss in 4 days and biggest one day loss in 6 weeks, as US cash corn markets fell.
Increased supplies of feed wheat from the advancing US wheat harvest and increased farmer selling of corn, due to confidence for a good corn crop this year, pressured cash basis bids prices, sources said.
CBOT old-crop July soybeans ended firm but below its nine-month high hit early in the trading session on tight US soybean stocks, slow farmer selling and no deliveries on the July futures contract since the delivery period started on Friday.
Wheat eased on seasonal harvest pressure as US farmers continued to harvest the 2013 winter wheat crop at a rapid pace. Also, there is a comfortable supply of wheat in global coffers.
CBOT December corn closed 9-3/4 cents per bushel lower at $5.01-1/4 and July corn was down 23-3/4 cents per bushel at $6.55-1/2.
CBOT July soybeans were up 6 cents per bushel at $15.70-1/2 and July wheat was down 2-3/4 at $6.45-3/4.
Kansas City Board of Trade hard red winter wheat futures contracts began trading in the wheat pit of the Chicago Board of Trade on Monday, ending a tradition that began on the banks of the Missouri River in 1856.
KCBT July wheat was up 1/2 cent per bushel at $6.76-3/4.
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