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futuresfacts.com | market headlines from the web

Corn Near 16-Week Low as U.S. Crop Seen Reaching Record

Corn futures traded near the lowest since February in Chicago as forecasts for ample rain in the U.S. increased prospects that the harvest will climb to a record.

U.S. production may total 13.939 billion bushels in 2014-15, an all-time high and bigger than the previous government forecast of 13.935 billion, according to a Bloomberg News survey before the U.S. Department of Agriculture releases its estimates June 11. The southern Midwest may see "active rains" through early next week, maintaining adequate moisture for crops, while drier weather in northern Missouri and Iowa will ease wetness concerns, MDA Weather Services said.

"We've got building stocks and a forecast record U.S. corn harvest," said Graydon Chong, an analyst at Rabobank International in Sydney. "The closer we get to realizing that crop and have it hit the physical market, we're going to continue to expect to see bearish price movements."

Corn for July delivery was unchanged at $4.49 a bushel at 4:52 a.m. on the Chicago Board of Trade, after earlier touching $4.47, the lowest for a most-active contract since Feb. 14. Futures declined for a fourth week, the longest streak of losses since August. Soybeans for delivery in November fell 0.1 percent to $12.095 a bushel.

Higher U.S. production means global inventories before the 2015 Northern Hemisphere harvest may total 182.2 million metric tons, bigger than the USDA's May estimate of 181.73 million, according to Bloomberg's survey. The U.S. soybean harvest also may be a record at 3.631 billion bushels, bringing world inventories to 81.98 million tons, analysts said.

Wheat rose 0.5 percent to $6.0875 a bushel in Chicago, after earlier touching $6.03, the lowest since Feb. 28. Prices are set for a fourth weekly loss, the longest run of declines since January. In Paris, milling wheat for November delivery rose 0.4 percent to 191.75 euros ($261) a ton on Euronext.

To contact the reporters on this story: Phoebe Sedgman in Melbourne at This email address is being protected from spambots. You need JavaScript enabled to view it. ; Whitney McFerron in London at This email address is being protected from spambots. You need JavaScript enabled to view it.

To contact the editors responsible for this story: Claudia Carpenter at This email address is being protected from spambots. You need JavaScript enabled to view it. John Deane, Sharon Lindores

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INDEXDJX:.DJI

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Contributing Editors

  • adrian muller has conducted seminars for the chicago board of trade, including a key series in 1999 which cautioned about a top in the equity markets (see his article “top experts and statistics on the dow”). adrian muller has appeared on cable tv financial programs with analysis on the futures markets and equity market directional forecasts. he has been quoted in barron's, the wall street journal, and futures magazine.


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