William L. Watts
Corn and soybean futures both fell sharply Monday after the U.S.
Department of Agriculture's August production estimates projected
larger-than-expected crops following an extremely wet spring that
severely delayed corn planting, followed by dry conditions across much
of the Midwest. Corn for December delivery
CZ19, -5.98%
on the Chicago Board of trade
fell 25 cents to $3.9275 a bushel, a decline of 6%. November soybeans
SX19, -1.35%
dropped 11.5 cents, or 1.3%, to
$8.8075 a bushel. The report estimated that U.S. farmers would produce
13.9 billion bushels of corn, down 4% from last year but larger than
analysts had expected. Soybean production is forecast to fall 19% from
last year to 3.68 billion bushels.
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