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Corn slides again as China rejection fears remain

12/16/2013 @ 9:47am

Corn futures fell for a third straight day on concern that China may reject more shipments from the U.S. after cargoes contained unapproved genetically modified varieties. Soybeans and wheat also declined.

China has rejected 180,000 metric tons of corn in the past month after finding genetically engineered insect-resistant MIR 162 strain. Further rejections may cut demand for supplies from the U.S., where growers just finished harvested a record crop. U.S. stockpiles are forecast to more than double in the year that started on Sept. 1, according to the Department of Agriculture.

With electronic trading paused until the open outcry session starts at 9:30 a.m. EST, Chicago Board of Trade corn futures for March delivery fell 3 3/4 cents, or 0.9%, to $4.21 3/4 a bushel.

Soybeans futures for January delivery dropped 5 cents, or 0.4%, to $13.22 1/2 a bushel on the CBOT.

Wheat futures for March delivery fell 4 1/4 cents, or 0.7%, to $6.24 1/2 a bushel in Chicago trading.


Write to Tony C. Dreibus at tony.dreibus@wsj.com
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(END) Dow Jones Newswires
December 16, 2013 09:15 ET (14:15 GMT)
DJ Corn Falls Third Day on Concern China May Reject More U.S. Grain->copyright

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mark guildenzoph 12/16/2013 @ 4:19pm It is awfully funny that the corn market goes down 2 cents again because of 180,000 metric ton get rejected does that even matter? When we sold them a million metric ton and the market goes up a fraction of a penny doesn't appear to have a concern to the market price at all just how much money traders can make off another BS reason to trade down. Still waiting on your ethanol bill good luck lol

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mark guildenzoph 12/16/2013 @ 4:19pm It is awfully funny that the corn market goes down 2 cents again because of 180,000 metric ton get rejected does that even matter? When we sold them a million metric ton and the market goes up a fraction of a penny doesn't appear to have a concern to the market price at all just how much money traders can make off another BS reason to trade down. Still waiting on your ethanol bill good luck lol

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