News Column

Grain and bean prices slump on better weather

June 5, 2014

The Associated Press



Better growing conditions for grains and beans pushed down futures prices for corn, wheat and soybeans Thursday.

Corn slumped seven cents, or 1.6 percent, to close at $4.49 a bushel. Other contracts had similar declines.

Wheat fell nine cents, or 1.4 percent, to $6.06 a bushel and soybeans fell 22 cents, or 1.5 percent, to $14.61 a bushel.

A sharp improvement in weather and growing conditions for U.S. crops has sent futures falling this week. Corn is down 3.5 percent so far.

On Monday, the U.S. Department of agriculture reported that corn planting was proceeding far faster than most traders anticipated, and that the quality of the crop was also better than expected, according to DTN analyst Todd Hultman.

"We're starting off with fantastic growing conditions," Hultman said. "With the weather looking so good this year, it takes away all the motivations from buyers."

Then again, Hultman added: "It's a long way from now to harvest."

In other commodities trading, gold for August delivery rose $9, or 0.7 percent, to settle at $1,253.30 an ounce. July silver rose 29 cents, or 1.5 percent, to $19.08 an ounce.

July platinum rose $11.20, or 0.8 percent, to $1,445.10 an ounce and palladium for September delivery rose $2.30, or 0.3 percent, to $839.45 an ounce.

July copper was essentially unchanged at $3.09 a pound.

In energy trading, U.S. crude oil fell 16 cents, or 0.2 percent, to $102.48 a barrel. Wholesale gasoline rose two cents, or 0.7 percent, to $2.96 a gallon and heating oil rose three cents, or 1.1 percent, to $2.88 a gallon.

Natural gas rose six cents, or 1.3 percent, to $4.70 per 1,000 cubic feet.


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Source: Associated Press


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