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CVR Partners, LP Message Board

  • bluedreamdreamer bluedreamdreamer Jan 9, 2014 1:49 AM Flag

    corn falls to 40 month low


    Bloomberg reported yesterday that ..."Corn futures tumbled to a 40-month low and wheat fell to the cheapest since 2011on speculation that... the Department of Agriculture’s report on Jan. 10 will show ample world supplies. Inventories of corn in the season ending Oct. 1 probably will rise to 163.08 million metric tons, the highest since 2001, and U.S. winter-wheat planting climbed to a six-year high... Gains in food costs around the world have also slowed as record harvests from India to the U.S. and Brazil bolstered supplies and sent corn, soybeans and wheat into bear markets. In 2013, the Standard & Poor’s GSCI Agriculture Index of eight crops tumbled 22 percent, the most since 1981...Corn futures for March delivery declined 2.1 percent to close at $4.17 a bushel on the Chicago Board of Trade... The decline in futures accelerated as the dollar climbed to a four-month high against a basket of 10 major currencies, eroding the appeal of U.S. exports. “Commodities are out of favor with investors” because of the Fed’s decision (to start tapering) and rising global supplies, Terry Reilly, the senior commodity analyst at Futures International LLC in Chicago, said...In Chicago, soybean futures for March delivery dropped 0.5 percent to $12.6925 a bushel, and Global reserves will rise 19 percent to 71.46 million tons from a year earlier on increasing supplies in South America, another Bloomberg survey showed".

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