CBOT Closing Comments
CBOT grains fell Wednesday on concern that the global financial crisis will slow economic growth into next year, reducing incomes in developing countries and limiting food and animal-feed imports.
Corn futures for December delivery fell 26 to $3.85 a bushel. Soybean futures for January delivery fell 50.50 cents to $8.6475 a bushel. Wheat futures for December delivery fell 31.25 to $5.1775 a bushel.
A sharply firmer dollar added to the downwards pressure. The greenback rose as much as 2.3 percent today against a basket of six major currencies including the pound, euro and yen, reaching the highest since November 2006.
Argentina, South America's second-biggest economy, may seize $29 billion of private pension funds, raising speculation that the nation is headed for its second credit default in a decade. Pakistan sought emergency financial aid from the International Monetary Fund as import prices rose. Borrowing costs from developing nations have jumped to a five-year high.
Seven of the 10 biggest buyers of U.S. corn and soybeans in the past year were emerging-market countries, data from the U.S. Department of Agriculture show. Slowing growth in China, Mexico, South Korea, Indonesia, Egypt, Colombia, Turkey and the Dominican Republic could hurt new sales, traders said.
Corn futures for December delivery fell 26 to $3.85 a bushel. Soybean futures for January delivery fell 50.50 cents to $8.6475 a bushel. Wheat futures for December delivery fell 31.25 to $5.1775 a bushel.
A sharply firmer dollar added to the downwards pressure. The greenback rose as much as 2.3 percent today against a basket of six major currencies including the pound, euro and yen, reaching the highest since November 2006.
Argentina, South America's second-biggest economy, may seize $29 billion of private pension funds, raising speculation that the nation is headed for its second credit default in a decade. Pakistan sought emergency financial aid from the International Monetary Fund as import prices rose. Borrowing costs from developing nations have jumped to a five-year high.
Seven of the 10 biggest buyers of U.S. corn and soybeans in the past year were emerging-market countries, data from the U.S. Department of Agriculture show. Slowing growth in China, Mexico, South Korea, Indonesia, Egypt, Colombia, Turkey and the Dominican Republic could hurt new sales, traders said.
