Chicago Board of Trade corn futures fell on profit-taking and forecasts for beneficial rains on Monday, after reaching a five-year high, traders said. CBOT September corn settled down 13-1/4 cents at $4.41 per bushel. New-crop December corn fell 12-1/4 cents to $4.47. Traders were taking profits after the most actively traded contract reached $4.64-3/4, its highest price since June 2014.
Remnants of Barry, the first hurricane of the 2019 season, are expected to bring welcome moisture to crops in the Mississippi River Delta and the eastern Corn Belt, according to forecasters. The forecasts eased concerns about potential crop damage from hot, dry weather, which had supported prices prior to the setback.
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