CHICAGO, Sept 22 (Reuters) – U.S. corn and soy futures
tumbled to four-year lows on Monday, pressured by favorable
weather for record harvests in the United States and a rising
dollar that made the supplies less competitive in global
Chicago Board of Trade wheat futures also were lower,
erasing gains in sympathy with declines in corn and soy. Wheat
prices had been higher earlier in the session after the main
buying agency for top global importer Egypt purchased U.S.
supplies for the first time since March.
CHICAGO, Sept 4 (Reuters) – U.S. corn and soybeans futures
fell more than 1 percent to their lowest levels in four years on
Thursday in a technical selloff sparked by the looming harvest
of record-large crops.
Wheat futures also were mostly lower after notching contract
lows in the previous session. The dollar climbed to its
highest point in more than a year against a basket of other
currencies, further weighing on U.S. grains as importers could
more cheaply source supplies priced in other currencies.
CHICAGO, Sept 3 (Reuters) – U.S. corn and soybean futures
fell as much as 3 percent on Wednesday after the government
unexpectedly lifted condition ratings for the crops and analysts
increased outlooks for what already were expected to be
record-large harvests in the United States.
Wheat futures also fell, with prices extending early losses
after no U.S. supplies were offered in a tender to top global
importer Egypt. A rising U.S. dollar was also bearish as
international buyers can source cheaper grain from other
shippers in the European Union and Black Sea region.
“We’re pricing in bigger crops before the next report,” said
Global Commodities Analytics analyst Mike Zuzolo, referring to
the U.S. Agriculture Department’s monthly supply and demand
report due on Sept. 11.
In a report after the close of trading late on Monday, USDA
increased so-called good-to-excellent ratings for the corn and
soybean crops, surprising analysts, who had expected steady
Brokerages INTL FCStone and Allendale Inc also boosted yield
and production forecasts above the most recent USDA outlook.
Mild summer weather was a boon to the crops, Allendale Inc
analyst Rich Nelson told the Thomson Reuters Global Ag Forum.
“Across the board, the numbers were impressive. This year’s
pollination was one of the coolest of the past 30 years,” he
Most-active Chicago Board of Trade December corn was
down 9-3/4 cents, or 2.7 percent, at $3.54 per bushel, just
above its contract low of $3.53-1/2 reached earlier in the
session. Benchmark November soybeans were down 17-1/2
cents, or 1.7 percent, at $10.14-1/2 as of 11:10 a.m. CDT (1610
GMT) after earlier falling to a contract low of $10.12-1/2.
CBOT wheat for December delivery was 17-3/4 cents, or
3.2 percent lower, at $5.37-1/2, near its earlier contract low
The main buying agency for top wheat buyer Egypt announced
that it bought two cargos of wheat – one from France and one
from Romania. No U.S. wheat was offered with freight costs
making supplies from the United States uncompetitive to many top
buyers of the grain in Africa and the Middle East.
“Wheat demand is not showing up and the market is seeking
new lows to find demand,” Zuzolo said.
CHICAGO, Sept 2 (Reuters) – U.S. grains fell on Tuesday,
with wheat futures down more than 1 percent on pressure from
plentiful global supplies and selling by investment funds on the
first trading day of the month, analysts said.
Wheat futures, which rose to a three-week high last
Thursday on short-covering tied to escalating Ukraine-Russia
tensions, reversed course and notched their largest two-session
decline since Aug. 13.
, Aug 28 (Reuters) – Wholesale gasoline prices
surged in Chicago on Thursday after a fire hit a piece of
equipment used to produce gasoline at BP Plc’s refinery
in nearby Whiting, Indiana, trade and industry sources said.
BP said the fire was extinguished at its biggest U.S. plant
and it expects little impact on production. The 413,500 barrel
per day (bpd) refinery, which BP spent $4 billion expanding to
handle more heavy Canadian crude, was still operating.
Aug 1 (Reuters) – Valero Energy Corp is buying corn
ahead of the expected startup within the next month of the
company’s 110-million-gallon a year ethanol plant in Mount
Vernon, Indiana, U.S. cash grains sources said on Friday.
The plant is the largest corn-based ethanol plant not
currently operating in the U.S. and will add capacity to an
industry that produced a record amount of the biofuel earlier
CHICAGO, July 28 (Reuters) – U.S. corn and soybean futures
rose on Monday with both markets supported by strengthening
demand and isolated dry areas that could hamper development of
the crops in the Midwest.
Wheat futures were lower but trimmed losses in the wake of a
U.S. Agriculture Department announcement showing a wheat sale to
Nigeria and a soybean sale to top importer China.
CHICAGO (Reuters) – An ethanol plant in Nebraska corn country is pumping out fuel made from sugar beets, and corn farmers are suing to stop it – a small-town dispute that offers an unusual take on the debate over the market-distorting impact of sugar and corn subsidies.
The dispute in Aurora, population about 4,400, brings into conflict two of the largest U.S. farm programs, one promoting sugar production and the other corn-based ethanol. Aventine Renewable Energy Holdings Inc, a privately held Illinois firm, is reaping profits producing ethanol with cheap sugar, thanks to a U.S. Agriculture Department subsidy of beet sugar.
CHICAGO (Reuters) – Rising flood waters were expected to make 11 locks and dams impassable on the mid- and upper-Mississippi River and force the closure of the river later on Monday from Bellevue, Iowa, to Saverton, Missouri, the U.S. Army Corps of Engineers said.
The closure would be the most extensive since 2008 on that stretch of the country’s busiest waterway, said Ron Fournier, public affairs officer for the Army Corps’ Rock Island district. At least 80 barge tows are expected to be affected by the closure.
CHICAGO, May 30 (Reuters) – U.S. wheat eased on Friday to
the lowest in nearly three months, capping the futures’ biggest
monthly decline in almost three years as improving weather for
crops kept the market focused on comfortable global supply.
Corn fell also fell to a roughly three-month low while
soybeans declined on favorable weather forecasts for final
spring sowings and for early crop development in the United
“Generally, the weather for growing conditions is excellent
in most areas,” said Sterling Smith, futures strategist at
Citigroup in Chicago. “If you draw a line from central Nebraska
to central Ohio, there’s a good mix of rain and sunshine for the
next several days.”
Wheat was also pressured by cheaper supplies elsewhere in
the world. The U.S. Agriculture Department showed exports of
wheat last week at a net cancellation of 52,400 tonnes for the
current marketing season, below analysts’ expectations.
“We are pretty noncompetitive globally,” Smith said of U.S.
Benchmark Chicago Board of Trade July wheat fell 5-1/4
cents to $6.27-1/4 per bushel, lowest since March 4. Wheat
fell about 12 percent for the month for the largest such decline
since September 2011.
July corn eased from earlier gains to shed 3-3/4 cents
at $4.65-3/4 per bushel, lowest since Feb. 28. Futures
snapped a six-month streak of monthly gains for the largest
monthly decline since September of last year.
“The U.S. market is still under the pressure of the
improving weather conditions which enable farmers to end corn
sowing. The wheat crops are benefiting from rains which favor
their development,” French consultancy Agritel said in a note.
The improved crop conditions in the United States come as
countries such as Ukraine and Russia have undercut U.S. shippers
in international markets, despite concern that tensions between
the two countries would disrupt grain trade.
“There is hardly any purchase of U.S. wheat at these levels
so there is potential for more downside in wheat prices,” said
Kaname Gokon, general manager of research at brokerage Okato
Shoji in Tokyo. “We might see the price fall below $6.30 and
then $6.00 a bushel in June.”
Soybeans edged lower as the market continued to weigh up
tight old-crop supply against prospects for large U.S. and
global production this year.
CBOT July soybeans were 5-3/4 cents lower at
$14.93-1/4 per bushel. Soy lost 2.5 percent for the month, the
first monthly decline in four months.