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Grains Decline to Start the Week
Posted: 07/26/10
By: tomgrisafi
Look out below.
Grains have fallen to kick off a fresh week of trading as the month of July winds to a close.
As reported by Bloomberg, corn touched its lowest price in more than three weeks, as soybeans and wheat similarly declined "on speculation that rain is reviving U.S. crops that were threatened by dry weather earlier this month."
Weekend rain is attributed to increased soil moisture in "previously dry areas of the Midwest and South."
That information comes from Drew Lerner president of World Weather Inc.
“Weather conditions are improving,” said Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago.
“Farmers are going to be active sellers because they are more confident in raising a big crop.”
Corn futures for December delivery fell 6 cents to $3.785 a bushel at 10 a.m. on the Chicago Board of Trade, after touching $3.78, the lowest level for a most-active contract since July 1, reports Bloomberg.
Source: Bloomberg
1 Comments
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Guest
Posted: 07/27/10
In these summer markets you really have to sit and just watch the weather. We have had a good amount of rain and a record amount of heat. The heat can sometimes hurt the crop but combine with the rain, corn, wheat, and bean crops flourish under these conditions.