CHICAGO: US new-crop corn prices fell for a third straight session on Monday as favorable growing weather across the midwestern United States reinforced the prospect of a record-large harvest this year.
New-crop soybeans also slumped for a third day, but declines were more tempered than in corn as rain in parts of the western Corn Belt prevented some farmers from planting the last of their soy crop.
US wheat prices plunged more than 2 percent in the steepest drop since mid-April, pressured by an accelerating Northern Hemisphere harvest and reports of stronger-than-expected winter wheat yields in the United States.
Fresh gains for the dollar, as investors continued to anticipate a scaling back of US monetary stimulus, further weighed on prices.
"There is pressure ahead of USDA's weekly report today. Corn crop conditions will probably jump substantially in key states and you're probably going to get better good harvest progress in the wheat," said Mike Zuzolo, president of Global Commodity Analytics.
"Beans have more uncertainty and they have the cash underneath them, underpinning them," he said.
Cash soybean prices around the United States are near record early summer highs due to tight stocks of beans remaining from the drought-hit 2012 harvest. Lengthy delays for shipping soy from rival exporters in South America added further support as importers may tap the United States for near-term supplies.
A protest on one of the highways leading to Brazil's port of Santos temporarily blocked the main corridor through which the country's commodities reach international markets, a highway operator said on Monday.
Comments
Comments are closed.