June 19, 2007

A Favorite Lede

US Commodities: Corn, Soybeans Wheat Down On Weather Forecast

Tuesday June 19th, 2007 / 22h08

NEW YORK -(Dow Jones)- The rain on the plains plays havoc with the grains, prices that is. On the Chicago Board of Trade, corn, soybeans and wheat futures settled down Tuesday as midday forecasts predicting rain for the eastern U.S. Midwest this weekend pushed prices sharply lower.

July corn settled 20 cents lower at $3.96 per bushel, September fell 20 cents to $4.04, and December declined 20 cents to $4.03 1/2.

Soybean futures ended sharply lower, backpedaling on speculative selling amid the extraction of risk premium following improved moisture chances for the eastern Midwest.

July soybeans settled 26 1/4 cents lower at $8.29, and November soybeans finished 25 cents lower at $8.64 a bushel.

July wheat tumbled 20 cents to $5.81 per bushel, Kansas City Board of Trade July wheat settled 22 1/2 cents lower at $5.69 1/4, and Minneapolis Grain Exchange July wheat ended down 13 3/4 cents at $5.70 1/4.

Wheat futures also continued to consolidate after breaking 11-year highs for front-month contracts last week, traders said. The market was in an overbought condition and due for some profit-taking, they said. ...

-By Anthony Buccino ...


Wow, get a load of these prices from last June! Anthony is most proud of his first line of this otherwise downcast businsess news story.

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