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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Corn, wheat futures climb early but close down

Mar 28, 2011 05:24 PM

Wheat and corn futures rose amidst speculation that the nuclear crisis in Japan has irreparably contaminated food and fears the crisis will get worse, Bloomberg reports.

A high-level official at the Health, Labor and Welfare Ministry said Japanese food is likely to see an increased amount of radioactive contamination as a result of the March 11 earthquake and tsunami that damaged the Fukushima Dai-Ichi nuclear power plant. The ministry found contamination in as many as 99 products in Tokyo and five regions in the country.

"Following the food contaminations in Japan, people expect the country may want [to look overseas] to secure more grains," Ker Chung Yang, an analyst at Phillip Futures, told Bloomberg.

Corn futures closed Monday down 2.68 percent, a 0.185 cent decrease to $6.71 per bushel. Wheat futures closed down 1.09 percent, a 0.08 cent decrease to $7.2525 per bushel.

Japan is the world's fifth-largest importer of wheat and the nation might buy 5.2 million metric tons this season, U.S. Agricultural Department data indicates. The same import volume for Japan has been forecast by the International Grains Council.

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