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COMMODITY PRICES DOWN SHARPLY
Sep. 18, 2012
BrownfieldAgNews reports:
Chicago Board of Trade corn, soybean, and wheat futures were hit hard Monday by a combination of factors.
Most soybean contracts were down the 70 cent daily trading limit on harvest pressure, including better than expected yields in some areas, along with liquidation by funds and forecasts for improved weather in South America ahead of widespread planting. DTN adds part of the pressure in beans may have been due to a trade complaint lodged against China by President Obama.
December 2012 through July 2013 corn futures were more than 30 cents lower on harvest pressure, spillover from beans and those better South American weather forecasts.
Chicago wheat, along with the Kansas City and Minneapolis pits, lost around 30 to 45 cents on spillover pressure from both corn and soybeans.
As of Sunday, 26% of the U.S. corn crop and 10% of soybeans are harvested.
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