Overnight Grains Lower
The grains complex slumped on the overnight eCBOT market as the dollar advanced against the euro, reducing the appeal of U.S. supplies to overseas buyers.
The euro dropped as much as 0.7 percent to $1.4214 against the U.S. dollar, the lowest since Oct. 24. The European currency has fallen for seven straight days.
Soybeans for November delivery declined as much as 30.5 cents, or 2.5 percent, to $12.04 1/2 a bushel, the lowest since Aug. 15, in after-hours electronic trading on the Chicago Board of Trade, and stood 22 1/4c lower at $12.12 3/4 as of 08:15 a.m. London time.
Corn for December delivery fell as much as 10 cents, or 1.8 percent, to $5.54 1/2 a bushel and traded at $5.55 1/4 as of 08:15 a.m. London time. The price has fallen 30 percent from a record $7.9925 on June 27.
Wheat for December delivery dropped as much as 16.5 cents, or 2.1 percent, to $7.60 1/2 a bushel, and traded at $7.62 1/2 as of 08:16 a.m. London time. Futures have fallen 43 percent from a record $13.495 on Feb. 27 after farmers globally increased acreage to take advantage of a 77 percent price rally in 2007.
The euro dropped as much as 0.7 percent to $1.4214 against the U.S. dollar, the lowest since Oct. 24. The European currency has fallen for seven straight days.
Soybeans for November delivery declined as much as 30.5 cents, or 2.5 percent, to $12.04 1/2 a bushel, the lowest since Aug. 15, in after-hours electronic trading on the Chicago Board of Trade, and stood 22 1/4c lower at $12.12 3/4 as of 08:15 a.m. London time.
Corn for December delivery fell as much as 10 cents, or 1.8 percent, to $5.54 1/2 a bushel and traded at $5.55 1/4 as of 08:15 a.m. London time. The price has fallen 30 percent from a record $7.9925 on June 27.
Wheat for December delivery dropped as much as 16.5 cents, or 2.1 percent, to $7.60 1/2 a bushel, and traded at $7.62 1/2 as of 08:16 a.m. London time. Futures have fallen 43 percent from a record $13.495 on Feb. 27 after farmers globally increased acreage to take advantage of a 77 percent price rally in 2007.
