US MIDDAY: corn tumbles

May 07, 2013

Corn Tumbles
Corn Tumbles

US corn futures fell 2.7 percent on Monday, their biggest drop in more than a month, on forecasts for warm and dry weather that would allow US farmers to rapidly plant crops during the next week, traders said. Soyabeans also fell on expectations that farmers will be able to ramp up their planting soon, while wheat dropped on spillover weakness from corn prices.

“The trade has ideas that we are actually going to get the crops planted,” said Bill Gentry, a broker with Risk Management Commodities. “Rains that were forecast during the weekend were less than expected and guys actually started running, getting some seeds in the ground. That progress is weighing on the market.”

At 10:45 am CDT (1545 GMT), Chicago Board of Trade July corn futures were down 20-1/4 cents at $6.41 a bushel. It was the biggest drop in percentage terms for the corn market since prices fell 7.6 percent on April 1. CBOT July soyabeans were 12-3/4 cents lower at $13.74-1/2 a bushel while July soft red winter wheat dropped 19 cents to $7.02 a bushel.

Corn planting was off to its slowest start since 1984 due to rain throughout the past month that has muddied fields and kept farmers on the sidelines. Soyabean planting was seen 4 percent done, the slowest early May reading since 1996.  Source Reuters

 

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