Futures Market News
Corn, soybean futures fall as Indiana drought damage assessment lightened
Aug 22, 2012 04:17 PM
Conjecture about reduced damages in Indiana caused by the worst drought since the mid 1950s pulled down the price of soybean and corn futures, Bloomberg reports.
Surveys performed on Tuesday indicated the production of corn is projected to climb to 113.3 bushels per acre, which trumps the August 10 forecast of 100 bushels by the U.S. Department of Agriculture. One commodities observer said the survey of the fields actually proved to be a pleasant surprise.
"We were expecting to see a train wreck in the fields, and this isn't quite the train wreck we were expecting," president Mike Zuzolo with Global Commodity Analytics & Consulting in Lafayette, Indiana, told the news source. "This calls into question whether the USDA will have to lower its production estimate next month."
At 1:50 p.m. on Wednesday, corn futures fell 1.01 percent, a 0.085 cent loss to $8.3025 per bushel. Soybean futures fell 0.74 percent, a 0.1275 cent slip to $17.1975 per bushel.
Reuters reports both grains touched record high prices earlier during the summer amid the parched weather conditions, which included hot temperatures and a lack of rainfall.
Don’t Miss Our News Updates!
Share dt News:
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Free eBook — Gold Exposed: Spot Gold versus Gold Futures
Are you interested in trading gold futures but unsure of how to start?
Register for our FREE guide, and learn the ins and outs of the gold markets that will help answer many of your trading questions.
Special Offer
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.
