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  • bluecheese4u bluecheese4u Jul 8, 2013 1:02 AM Flag

    Corn Trades Near 32-Month Low on Improving U.S. Supply Outlook

    Corn Trades Near 32-Month Low on Improving U.S. Supply Outlook

    By Luzi Ann Javier - Jul 7, 2013 8:09 PM MT

    Corn swung between gains and losses near the lowest level in 32 months as improving conditions in the U.S. boosted the outlook for a record crop in the world’s top producer and exporter. Soybeans advanced.

    Corn for delivery in December rose 0.2 percent to $4.92 a bushel on the Chicago Board of Trade by 10:08 a.m. Singapore time after falling 0.3 percent to $4.90. Futures fell to $4.895 a bushel on July 5, the lowest price since October 2010.

    The Midwest will benefit from warmer, hotter temperatures this week, DTN said in a report July 5. Parts of the largest corn and soybean growing region had the wettest March-to-May period on record going back 119 years, delaying planting, government data showed. The corn harvest will surge 30 percent to a record 14 billion bushels this year, the U.S. Department of Agriculture estimates.

    “Seasonal conditions in the U.S. remain favorable and should support another improvement in yield prospects,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, wrote in a report today. “The likelihood of a record 14 billion bushel U.S. corn crop is improving by the week, meaning the likelihood of a comfortable rebuild in global grain inventories is very high.”

    Exporters in the U.S. sold 120,000 metric tons of corn for delivery in the year that begins Sept. 1, the U.S. Department of Agriculture said July 5. China bought three cargoes of new-crop U.S. corn, the country’s state-owned researcher reported last week.

    U.S. exporters also sold 120,000 tons of soft red winter wheat to China for delivery in the 12 months that end May 31, the USDA said.

    Wheat for September delivery rose 0.2 percent to $6.615 a bushel. Soybeans for delivery in November gained as much as 0.9 percent to $12.3875 a bushel after declining to $12.25, the lowest level for the most-active contract since February 2012.

79.09-0.91(-1.14%)Nov 27 1:02 PMEST