19 July 2010 22:11 [Source: ICIS news]
HOUSTON (ICIS news)--Predictions of warm and dry weather in the US midwest prompted traders to bid corn and soybeans lower in commodity markets on Monday in expectation of bigger harvests this fall.
At the Chicago Board of Trade on Monday, corn for September delivery settled at $3.81/bushel, off 13 cents/bushel from Friday’s close. Soybeans settled 9 cents/bushel down from Friday at $10.10/bushel.
Hopes for big corn and soybean harvests that would help control margins for biofuels producers were bolstered on Monday as data released by the US Department of Agriculture (USDA) indicated that crop quality continued to look good.
As of 18 July, 72% of the corn crop was rated as good to excellent compared with 73% last week, USDA said.
Soybeans in the good-to-excellent category included 67% of the US crop, two percentage points higher than a week ago.
USDA said 65% of corn in the 18 top-producing states was in the silking (pollinating) stage, well ahead of the five-year average of 47%.
Among soybeans, 60% of the crop was in bloom and 18% were setting pods, both figures slightly ahead of the five-year average.
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