Overnight markets all sharply lower Mon
Warmer drier weather across the weekend sees the entire grains complex lower this morning.
Corn is 7-8c lower pressured by a higher than anticipated acreage estimate from Informa late Friday. Corn will be planted on 87.399 million acres, down from a 63-year high of 93.6 million acres in 2007, but actually ABOVE it's May estimate. The survey took place in late May and early June, before the worst of the rains flooded Midwest fields. July corn was 17 3/4c lower earlier in the session.
Soybeans for November delivery declined as much as 18.5 cents, or 1.2 percent, to $14.905 a bushel and traded at $14.9525 as of 8:35 a.m. London time.
Soybeans will be planted on 73.268 million acres, up from 63.631 million acres last year, Informa said June 20. The latest forecast is lower than the 73.333 million forecast in May.
"Informa's report on soybeans is a bullish one, but an improved prospect for ending a farm dispute in Argentina has dragged the market lower, together with the favourable crop weather outlook in the Midwest," said an analyst.
Wheat for September delivery fell as much as 19.25 cents, or 2.2 percent, to $8.65 a bushel, the lowest since June 13, and traded 13 1/4c lower at $8.71 at 8:25 a.m. in London, losing for a third day.
The grain is still down 35 percent from a record $13.495 on Feb. 27 on speculation that global stockpiles will increase as farmers planted more to take advantage of higher prices.
Corn is 7-8c lower pressured by a higher than anticipated acreage estimate from Informa late Friday. Corn will be planted on 87.399 million acres, down from a 63-year high of 93.6 million acres in 2007, but actually ABOVE it's May estimate. The survey took place in late May and early June, before the worst of the rains flooded Midwest fields. July corn was 17 3/4c lower earlier in the session.
Soybeans for November delivery declined as much as 18.5 cents, or 1.2 percent, to $14.905 a bushel and traded at $14.9525 as of 8:35 a.m. London time.
Soybeans will be planted on 73.268 million acres, up from 63.631 million acres last year, Informa said June 20. The latest forecast is lower than the 73.333 million forecast in May.
"Informa's report on soybeans is a bullish one, but an improved prospect for ending a farm dispute in Argentina has dragged the market lower, together with the favourable crop weather outlook in the Midwest," said an analyst.
Wheat for September delivery fell as much as 19.25 cents, or 2.2 percent, to $8.65 a bushel, the lowest since June 13, and traded 13 1/4c lower at $8.71 at 8:25 a.m. in London, losing for a third day.
The grain is still down 35 percent from a record $13.495 on Feb. 27 on speculation that global stockpiles will increase as farmers planted more to take advantage of higher prices.
