Corn and soybeans declined as dry weather in the Midwest helped to accelerate the pace of U.S. harvesting. Wheat also dropped to trade near a two-month low, capping the longest slump since December.
December-delivery corn lost as much as 1.4 percent to $4.6475 a bushel in Chicago. The grain was at $4.69 at 12:54 p.m. in Tokyo after touching $4.5425 yesterday, the lowest level since Sept. 3. The contract lost 11 percent last week, the biggest drop in eight months.
About 37 percent of the corn crop was harvested as of Oct. 3, from 27 percent a week earlier and an average of 28 percent in the previous five years, the U.S. Department of Agriculture said in a report yesterday. About 37 percent of soybeans were harvested, from 17 percent a week ago and the past-five-year average of 28 percent.
“We may see harvests accelerate further because of dry weather forecast in the U.S. Midwest this week,” said Toshimitsu Kawanabe, an analyst at Tokyo-based commodity broker Central Shoji Co. The outlook for increasing U.S. stockpiles was also keeping downward pressure on prices, he said.
Inventories on Sept. 1 rose 2 percent to 1.708 billion bushels from a year earlier, the USDA said on Sept. 30. That was 322 million bushels more than the agency’s Sept. 10 estimate.
The condition of the corn crop was rated 66 percent good or excellent as of Oct. 3, unchanged from a week earlier, the USDA said. An estimated 64 percent of soybeans were rated in the top two categories, from 63 percent a week earlier.
Soybeans for November delivery fell as much as 0.4 percent to $10.4975 a bushel, declining for a third day, before trading at $10.53. The price touched $10.42 yesterday, the lowest level since Sept. 17.
Winter Wheat
Wheat for December delivery dropped as much as 0.5 percent to $6.44 a bushel, slumping for a seventh day, the longest losing streak since December. The contract touched $6.435 yesterday, the lowest level since July 30.
About 53 percent of the winter-wheat crop was planted as of Oct. 3, compared with 33 percent on Sept. 26, and 54 percent a year earlier, the USDA said. An estimated 22 percent of the plants had emerged from the ground, up from 10 percent a week earlier and the average of 25 percent in the prior five years.
Russia’s wheat production may plunge 33 percent this year after the worst drought in 50 years slashed production, a USDA unit said. Output will fall to 41.5 million metric tons in the year that began July 1, from 61.7 million tons last year, the USDA’s Foreign Agricultural Service said in a report yesterday.
The service’s estimate was less than an official U.S. projection announced last month. Russian exports will slump 78 percent to 4.1 million tons, it said.
In export market, South Korea is seeking to buy 165,000 tons of corn in a tender today.
To contact the reporter on this story: Jae Hur in Tokyo at jhur1@bloomberg.net
To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net
http://jodnet.blogspot.com
December-delivery corn lost as much as 1.4 percent to $4.6475 a bushel in Chicago. The grain was at $4.69 at 12:54 p.m. in Tokyo after touching $4.5425 yesterday, the lowest level since Sept. 3. The contract lost 11 percent last week, the biggest drop in eight months.
About 37 percent of the corn crop was harvested as of Oct. 3, from 27 percent a week earlier and an average of 28 percent in the previous five years, the U.S. Department of Agriculture said in a report yesterday. About 37 percent of soybeans were harvested, from 17 percent a week ago and the past-five-year average of 28 percent.
“We may see harvests accelerate further because of dry weather forecast in the U.S. Midwest this week,” said Toshimitsu Kawanabe, an analyst at Tokyo-based commodity broker Central Shoji Co. The outlook for increasing U.S. stockpiles was also keeping downward pressure on prices, he said.
Inventories on Sept. 1 rose 2 percent to 1.708 billion bushels from a year earlier, the USDA said on Sept. 30. That was 322 million bushels more than the agency’s Sept. 10 estimate.
The condition of the corn crop was rated 66 percent good or excellent as of Oct. 3, unchanged from a week earlier, the USDA said. An estimated 64 percent of soybeans were rated in the top two categories, from 63 percent a week earlier.
Soybeans for November delivery fell as much as 0.4 percent to $10.4975 a bushel, declining for a third day, before trading at $10.53. The price touched $10.42 yesterday, the lowest level since Sept. 17.
Winter Wheat
Wheat for December delivery dropped as much as 0.5 percent to $6.44 a bushel, slumping for a seventh day, the longest losing streak since December. The contract touched $6.435 yesterday, the lowest level since July 30.
About 53 percent of the winter-wheat crop was planted as of Oct. 3, compared with 33 percent on Sept. 26, and 54 percent a year earlier, the USDA said. An estimated 22 percent of the plants had emerged from the ground, up from 10 percent a week earlier and the average of 25 percent in the prior five years.
Russia’s wheat production may plunge 33 percent this year after the worst drought in 50 years slashed production, a USDA unit said. Output will fall to 41.5 million metric tons in the year that began July 1, from 61.7 million tons last year, the USDA’s Foreign Agricultural Service said in a report yesterday.
The service’s estimate was less than an official U.S. projection announced last month. Russian exports will slump 78 percent to 4.1 million tons, it said.
In export market, South Korea is seeking to buy 165,000 tons of corn in a tender today.
To contact the reporter on this story: Jae Hur in Tokyo at jhur1@bloomberg.net
To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net
http://jodnet.blogspot.com
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