CBOT: July corn falls 3 cents to US$6.525/bushel; July wheat rises 1 cent to US$7.1075/bushel; July soybeans fall 4.5 cents to US$14.1475/bushel
May 14, 2013
(Xinhua News Agency)
– Chicago agricultural commodity futures traded mixed on Tuesday, with corn and soybeans falling but wheat rising on weather concerns.
The most active corn contract for July delivery shed 3 cents, or 0.46 percent, to close at 6.525 dollars per bushel. July wheat rose 1 cent, or 0.14 percent, to settle at 7.1075 dollars per bushel. July soybeans fell 4.5 cents, or 0.32 percent, to close at 14.1475 dollars per bushel.
Corn planting made some progress in the past week, but is still well behind the 5-year average pace. However, traders were active in profit-taking, as they anticipate a late new crop harvest amid tight old crop supplies.
The winter wheat condition report was worse than expected, with the Kansas City market showing very little improvement. The crop remains well behind schedule and more rainfall is needed in May and June to help yield potential.
Soybeans traded lower for most of the session, with the exception of the May contract, which went up by double digits on Tuesday morning. The U.S. dollar hit a fresh 10-month high as investors and traders saw a more stable outlook for the U.S. economy, which may bring an early end to the U.S. Federal Reserve' s quantitative easing programs.
Meanwhile, soybeans export shipments have slowed considerably over the last couple of months as China and other foreign buyers shifted their demand to South America.
(c) 2013 Xinhua News Agency