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| − | + | Updated at 6 p.m. with closing pricesCHICAGO 鈥?Corn dropped to the lowest in four years as waning prospects for frost damage this week boosted speculation that yields will be bigger than the government forecast in the U.S., the world's biggest producer.Farmers will harvest 14.276 billion bushels this year, more than the U.S. Department of Agriculture's August forecast for a record 14.032 billion, a Bloomberg survey of analysts and traders showed. The USDA will update its crop estimates on Thursday. Risk of a damaging freeze later this week is "very low," Commodity Weather Group said in a report Tuesday."The old adage is that big crops get bigger," Matthew Bennett, owner of Windsor, Ill.-based Bennett Consulting, said in a telephone interview. "People <a href=http://www.alportico.net/gosoc.php>true religion jeans</a> are not worried about running out of corn, even though demand is pretty solid."Corn futures for December delivery fell 1.1 percent to close at $3.4425 a bushel at 1:15 p.m. on the Chicago Board of Trade. Earlier, the grain touched $3.43, the lowest for a most- <a href=http://capstone.edu.sg/images/guccioutlet.onlinesalecc.php>Gucci Outlet</a> active contract since June 30, 2010.There is little chance for a damaging hard freeze from cold expected this weekend in far northern Iowa and the Minnesota-Wisconsin border, and "there are no other major frost risks apparent into early October," Commodity Weather Group in Bethesda, Md., said.The USDA said Monday that 74 percent of the crop was rated in good or excellent condition as of Sept. 7, unchanged from a week earlier and up from 54 percent at the same time last year. Yields may be 170.7 bushels an acre, compared with the USDA's estimate of 167.4, according to the Bloomberg survey.Soybean futures for November delivery declined 1.6 percent to $9.9275 a bushel. Earlier, the oilseed touched $9.915, the lowest since July 30, 2010. Output in the U.S., the largest grower, will be 3.894 billion bushels, 2 percent bigger than the government estimated last month, the survey showed.Soybean-oil futures for December delivery dropped 1.3 percent to 31.72 cents a pound. Earlier, the price touched 31.67 cents, the lowest since March 19, 2009.Wheat futures for December delivery fell 1.1 percent to $5.275 a bushel. The grain touched <a href=http://www.symbiose.ca/images/christianlouboutin.gwij.php>Christian Louboutin Sale</a> $5.2325, the lowest since July 30. Rice futures for November delivery dropped 0.7 percent to $12.355 per 100 pounds after reaching $12.33, the cheapest since Oct. 5, 2010.With assistance from Rudy Ruitenberg in Paris and Phoebe Sedgman in Melbourne, Australia | |
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Revision as of 08:15, 1 October 2014
@@@ Updated at 6 p.m. with closing pricesCHICAGO 鈥?Corn dropped to the lowest in four years as waning prospects for frost damage this week boosted speculation that yields will be bigger than the government forecast in the U.S., the world's biggest producer.Farmers will harvest 14.276 billion bushels this year, more than the U.S. Department of Agriculture's August forecast for a record 14.032 billion, a Bloomberg survey of analysts and traders showed. The USDA will update its crop estimates on Thursday. Risk of a damaging freeze later this week is "very low," Commodity Weather Group said in a report Tuesday."The old adage is that big crops get bigger," Matthew Bennett, owner of Windsor, Ill.-based Bennett Consulting, said in a telephone interview. "People <a href=http://www.alportico.net/gosoc.php>true religion jeans</a> are not worried about running out of corn, even though demand is pretty solid."Corn futures for December delivery fell 1.1 percent to close at $3.4425 a bushel at 1:15 p.m. on the Chicago Board of Trade. Earlier, the grain touched $3.43, the lowest for a most- <a href=http://capstone.edu.sg/images/guccioutlet.onlinesalecc.php>Gucci Outlet</a> active contract since June 30, 2010.There is little chance for a damaging hard freeze from cold expected this weekend in far northern Iowa and the Minnesota-Wisconsin border, and "there are no other major frost risks apparent into early October," Commodity Weather Group in Bethesda, Md., said.The USDA said Monday that 74 percent of the crop was rated in good or excellent condition as of Sept. 7, unchanged from a week earlier and up from 54 percent at the same time last year. Yields may be 170.7 bushels an acre, compared with the USDA's estimate of 167.4, according to the Bloomberg survey.Soybean futures for November delivery declined 1.6 percent to $9.9275 a bushel. Earlier, the oilseed touched $9.915, the lowest since July 30, 2010. Output in the U.S., the largest grower, will be 3.894 billion bushels, 2 percent bigger than the government estimated last month, the survey showed.Soybean-oil futures for December delivery dropped 1.3 percent to 31.72 cents a pound. Earlier, the price touched 31.67 cents, the lowest since March 19, 2009.Wheat futures for December delivery fell 1.1 percent to $5.275 a bushel. The grain touched <a href=http://www.symbiose.ca/images/christianlouboutin.gwij.php>Christian Louboutin Sale</a> $5.2325, the lowest since July 30. Rice futures for November delivery dropped 0.7 percent to $12.355 per 100 pounds after reaching $12.33, the cheapest since Oct. 5, 2010.With assistance from Rudy Ruitenberg in Paris and Phoebe Sedgman in Melbourne, Australia
