Home / Markets / Markets Analysis / Corn market / Nearby corn bleeds to 9-month low

Nearby corn bleeds to 9-month low

04/01/2013 @ 2:58pm

U.S. corn futures settled sharply down for a second straight session Monday, with selling continuing after a government report last week showed higher-than-expected domestic corn stockpiles.

Chicago Board of Trade May corn settled down 53 cents, or 7.6%, at $6.42 1/4 a bushel, a nine-month low.

Speculative funds sold futures to exit earlier bets on higher prices, which many had piled on in recent weeks.




Corn futures on Thursday had fallen by their exchange-imposed daily limit of 40 cents a bushel after the U.S. Department of Agriculture said domestic corn stocks on March 1 totaled 5.4 billion bushels, well above analysts' expectations. U.S. grain markets were closed Friday, but due to the large move the limit on the change in corn futures prices rose to 60 cents a bushel Monday.

Soybean and wheat futures fell on the drop in corn, as well as continued pressure from supply levels of soybeans and wheat also being reported at levels above expectations last week in the USDA report.

CBOT May wheat settled down 23 3/4 cents at $6.64 a bushel. May soybeans fell 14 cents to $13.90 3/4 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 01, 2013 15:49 ET (19:49 GMT)
DJ U.S. Corn Falls to Nine-Month Low in Continued Sharp Decline->copyright


Sign up for our Market Email Alerts!

 

CancelPost Comment
MORE FROM DOW JONES NEWSWIRES more +

More Pig Losses Seen, Smithfield Says By: 05/14/2014 @ 7:55am The swine industry is struggling to contain a deadly virus that's sweeping U.S. hog farms…

Senators Turn Up Heat on Railroad Companies By: 05/13/2014 @ 11:39am Four Midwestern U.S. senators add their voices to a growing chorus of farmers, ethanol producers…

Summary of Friday's WASDE Report By: 05/09/2014 @ 2:53pm The following table is provided as a service to Wall Street Journal subscribers in conjunction…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
The Future of Livestock Production
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]