US MIDDAY: corn dips October 12, 2013

Corn
Corn

October 12, 2013

Chicago Board of Trade corn futures eased to their lowest in more than three years as harvest of the US crop ramped up across broad stretches of the Midwest, traders said. Soyabean futures dropped on a combination of harvest pressure and technical selling. Wheat rose, posting a 1.2 percent gain on bargain buying after prices fell to their weekly lows during the overnight trading session.

Corn’s drop extended a sell-off that began on Thursday. The corn market typically hits a seasonal low when farmers have harvested around 50 percent of their crop. At 10:37 am CST (1537 CDT), CBOT December corn futures were down 3-1/2 cents at $4.34-3/4 a bushel. Prices bottomed out at $4.32-1/2, the lowest since September 3, 2010, during overnight trading.

CBOT November soyabeans fell 16-1/2 cents to $12.71-1/2 a bushel. Losses accelerated when the contract dropped below its 100-day moving average, a key technical level. Soyabeans also faced technical pressure after dropping below the 50 percent point on a Fibonacci retracement from the late-summer rally to an 12-month high. For the week, corn has fallen 1.9 percent, soyabeans were down 1.8 percent and wheat was up 1 percent. The government shutdown will mean that for the first time in 40 years, farmers, exporters, processors and traders will have to do without a key monthly crop report that was originally scheduled to be released on Friday. Courtesy: Reuters

Soya, Corn, Agriculture
Published in ZaraiMedia.com
Soya, Corn, Agriculture

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