July 13, 2010

CBOT corn futures may extend its decline

CBOT corn futures may continue to decline after the USDA forecast that the nation's stockpiles will be bigger than analysts expected.

Corn for December delivery was little changed at US$3.955 a bushel on the CBOT at 1:11 p.m. in London. Prices dropped 0.3% on Friday (July 9).

Soy futures for November delivery lost 0.3% to US$9.5075 a bushel.

September-delivery wheat was 0.1% higher at US$5.3875 a bushel. Wheat futures earlier gained as much as 0.7% as dry weather persisted in Russia and Kazakhstan, raising concern that global supply may be smaller than estimated by the USDA.

Milling wheat futures for November delivery declined 0.6% to US$201.5 a tonne on NYSE Liffe in Paris.

The USDA on Friday (July 9) cut its estimate of global stockpiles of wheat at the end of the 2010-2011 marketing year by 6.9 million tonnes to 187 million tonnes from a month earlier. The agency pared output estimates for some exporters including Russia and Kazakhstan on concern dry weather will curb yields.