Grain futures slide continues
U.S. soybean futures settled at a 13-month low Thursday on an optimistic crop outlook and heavy farmer selling.
Soybeans for August delivery at the Chicago Board of Trade ended down 37 1/4 cents, or 2.7%, at $13.55 1/4 a bushel. Thursday's losses follow a precipitous drop in front-month soybeans Wednesday, driven in large part by a wave of farmer selling in the Midwest.
Corn futures also fell sharply, with the front-month September contract dropping 12 1/4 cents, or 2.4%, to $4.96 a bushel, the lowest settlement for the front-month contract since October 2010.
With cool temperatures descending upon the corn belt, crops are unlikely to encounter much stress in the days ahead, analysts said. The corn crop in some areas is in the midst of its pollination period, an important time that largely determines final yields.
The promise of a new and potentially large crop has prompted farmers to unload 2012 supplies they had yet to sell, said Joel Karlin, an analyst with Western Milling, a feed company based in Goshen, Calif.
Wheat futures also ended lower. CBOT September wheat settled down 4 cents at $6.49 1/4 a bushel.
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(END) Dow Jones Newswires
July 25, 2013 15:16 ET (19:16 GMT)
DJ U.S. Soy, Corn Futures Fall to New Lows on Crop Outlook, Farmer Sales->copyright