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Chicago soybean futures ends higher on wet weather, corn and wheat both plunge
Date: 2010/6/4 Click: 1161

Chicago wheat futures hit near 8- month low on Wednesday, as U.S. winter wheat harvest started. Soybean eked out small gain as wet weather may slowdown planting and reduce the yield potential of crops in the U.S in the next few days. Corn reached 8-week low as ideal weather would bolster yields prospect of the newly-planted crops in U.S.

Soybean futures for July delivery climbed 0.5 cents, to settle at 9.325 U.S. dollars per bushel. July corn dropped 5.5 cents, or 1.6 percent, to 3.485 dollars a bushel, after reaching 3.4775 dollar per bushel, the lowest point for a most-active contract since April 7. July wheat dipped 8.25 cents, or 1.8 percent, to 4. 425 dollars a bushel, after touching 4.42 dollars per bushel, the lowest level since Oct. 5.

USDA said late Tuesday that 85 percent of corn had emerged from the ground on May 30 and 76 percent was in good or excellent conditions, which is the highest rating for the date since 2007. " We really have some great start to the crops right now, we have 97 percent of the corn crop planted, 76 percent of the corn crop rated good to excellent, so some of the best numbers we haven't seen from the crop in many years", said Frank Lesh, from Futurepath Trading.

The favorable weather across much of the Corn Belt with normal rains and seasonably warmth which may last into next week implied higher yields and kept a lid on corn price today.

Meanwhile, wheat also felt the pressure as winter wheat collection has started in part of Oklahoma and Texas. "The strong dollar is pressuring on markets, it specially made our wheat less competitive out there in the world market," said Frank Lesh. "We do have a possible weather disruption supporting the markets going on. There's talk of a possible, real violent hurricane season, but we're long way from any those problems."

Weather forecast showed that heavy rain may fall from Nebraska to Ohio in the next five days. The speculation that wet field may hamper planting of soybean has offered strong support to soybean today to offset the negative effect of harvest in South America. " Their soybeans are starting to come to market right now. They have very large crops and good competition, so we're no longer the only gamer in town for this soybean exports right now," said Frank Lesh.

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