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Chicago grain futures slump on bearish outside market

05-06-2011 08:59 BJT

CHICAGO, May 5 (Xinhua) -- The Chicago grain futures endured another session of heavy losses on Thursday, as aggressive fund selling across the U.S. commodities markets, which started earlier this week showed no signs of abating.

The most active corn contract for July delivery trimmed 20.75 cents, or 2.8 percent, to close at 7.0875 U.S. dollars per bushel. July wheat dropped 18 cents, or 2.3 percent, to 7.54 dollars per bushel. July soybean plunged 30.25 cent, or 2.2 percent, to 13. 2175 dollars per bushel.

Trader mentioned that the continued sell-off in silver, gold, crude oil and other commodity markets and a strong rally in the greenback helped trigger another round of aggressive selling from fund traders in the grain market.

Weekly export sales for corn totaled only 284,200 tonnes for the current marketing year, which was much lower than trade expectation and the lowest level since October, according to the U. S. Agricultural Department.

Trader mentioned that although corn price gained some support from the concerns over tightening U.S. corn supplies and delayed planting for the new corn crop, the negative impact from the outside market as well as the downbeat export demand for U.S. crops both heavily weighed on the market, pushing the July contract to the lowest level since end of March.

As for the wheat market, last week's export sales for wheat totaled 549,600 tonnes, which was well above trade expectations.

A trader pointed out that beside the negative impact from outside market, the speculations that the delayed planting of corn and wheat in U.S. may resulted in acre increase for soybean also helped dragged down the soybean price.

 

Editor:Du Xiaodan |Source: Xinhua

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