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Demand worries, tech-selling gut grains

04/04/2013 @ 9:22am

U.S. soybean futures fell to a 10-month low Thursday on concerns about demand in the wake of a bird flu outbreak in China and a stronger U.S. dollar.

CBOT soybeans for May delivery were recently down seven cents, or 0.5%, to $13.73 1/4 bushel. The market has traded as low as $13.71 in electronic trade, the lowest price for front-month futures since early June.

Traders said the outbreak of bird flu in China is going to lead to reduced poultry production, depressing the amount of soybean meal that is needed. U.S. weather is also weighing on the market, as it is stalling corn planting in southern areas. Some farmers that are unable to plant corn soon will likely switch to soybeans, meaning more soybean supplies come harvest time, they said.

Write to Ian Berry at ian.berry@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
April 04, 2013 10:04 ET (14:04 GMT)
DJ U.S. Soybean Futures Fall To Lowest Price Since June On Demand Worries->copyright

U.S. corn futures are down 0.7% Thursday morning on technical selling and ongoing concerns about higher-than-expected domestic supply levels reported by the government last week.

U.S. wheat is down on weaker-than-expected export sales in a weekly report and on profit-taking after a price jump Wednesday.

Soybeans are also down on continued pressure from greater-than-expected U.S. supplies and the large size of soybean crops being harvested in South America.

Chicago Board of Trade May corn is down 4 1/4 cents or 0.7% at $6.37 1/4 a bushel.

CBOT May wheat is down 6 1/2 cents or 0.9% at $6.90 a bushel.

May soybeans are down 7 1/4 cents or 0.5% at $13.73 a bushel.

Write to Owen Fletcher at owen.fletcher@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
April 04, 2013 09:04 ET (13:04 GMT)
DJ U.S. Grains, Soybeans Lower Overnight; Corn Down on Technicals->copyright

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