US MIDDAY: corn falls

22 Jun, 2013

US corn futures fell on Friday in thin trade, pressured by softening cash values and outlooks for optimal crop weather in the Midwest, traders said. Nearby soyabeans were choppy but new-crop November futures on the Chicago Board of Trade hit a one-month low, and wheat futures were little changed.
At the CBOT as of 10:35 am CDT (1535 GMT), July corn was down 7-3/4 cents at $6.65-1/2 per bushel, with new-crop December down 1-3/4 cents at $5.58-3/4. July soyabeans were up 1 cent at $14.98-1/2 per bushel while new-crop November was down 8 cents at $12.77, after hitting a near one-month low at $12.67-3/4. July wheat was down 1 cent at $6.99-1/2.
"Bear-spreading" featured in the corn market, with traders selling nearby contracts and buying new-crop months, due in part to softening cash corn basis levels in some locations, including Cedar Rapids, Iowa, and Chicago. Tight supplies of old-crop corn and soyabeans have kept cash basis bids at or near historically high levels in the interior Midwest. CBOT soyabeans showed the opposite pattern, nearby contracts gaining against new-crop contracts on "bull spreading." The most-active November soyabean contract has fallen 2.6 percent since Wednesday, its biggest two-day decline since February.

Read Comments