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Corn slips on better weather

07/29/2013 @ 3:37pm

U.S. corn futures settled lower Monday, pressured by favorable weather for crop development.

Chicago Board of Trade September corn futures settled down 2 3/4 cents, or 0.6%, at $4.89 1/4 a bushel, a fresh 2 1/2-year closing low for the front-month contract.

Cool temperatures, expected in the Farm Belt for the next two weeks, would benefit corn crops going through their crucial pollination phase, which determines how many kernels are on each ear of corn.

Soybeans were mixed, with nearby futures higher on tight current supplies and deferred futures down on expectations for a large harvest this fall. Cool, wet weather in the next two weeks will also favor growth of the soy crop as it starts to go through its most important development phases in August, including setting pods and filling them out with beans.

Wheat futures were higher, as recent price declines attracted buyers. Traders hope recent strong export demand for U.S. wheat will continue.

August soybeans rose 17 3/4 cents, or 1.3%, to $13.67 1/2 a bushel. November soybeans, associated with supplies to be harvested this fall, fell 8 1/2 cents, or 0.7%, to $12.20 a bushel.

CBOT September wheat rose 1 1/4 cents, or 0.2%, to $6.51 1/2 a bushel.

Write to Owen Fletcher at owen.fletcher@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
July 29, 2013 14:35 ET (18:35 GMT)
DJ U.S. Corn Settles Lower on Favorable Weather for Crops->copyright

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