Wheat, Corn, & Soybeans Slump in Early Trading

Posted on September 5, 2012

After hitting an all-time high of $17.94 per bushel during yesterday’s session soybeans retreat in early trading. Corn also retreated after making a sharp run higher yesterday.

  • The condition of the corn crop was unchanged with 22 percent of crop rated good to excellent and 52 percent rated poor to very poor.
  • The condition of the corn crop was mostly unchanged with 30 percent of crop rated good to excellent. The percentage of the crop rated poor to very poor improved 1 percentage point to 37 percent from  38 percent a week ago.

A few other hot links.

‘Mounting Evidence’ that Monsanto Bug-Resistant Corn Losing Effectiveness: There’s “mounting evidence” that Monsanto Co. (MON) corn that’s genetically modified to control insects is losing its effectiveness in the Midwest, the U.S. Environmental Protection Agency said…Read More

India Rules Out Bans on Sugar Exports as Monsoon Revives A revival in the monsoon in India will boost crop prospects and enable the world’s second-biggest producer of rice, wheat and sugar to refrain from banning shipments, according to Food Minister K.V. Thomas…Read more

Early trading prices (per bushel unless otherwise stated)

Contract Commodity Last Change
Dec 2012 Corn $8.0000 -0.0475
Dec 2012 Wheat $8.8500 -0.0375
Nov 2012 Soybeans $17.6825 -0.0275
Sept 2012 Soybean Oil (Metric Ton) $57.2900 -0.2800
Sept 2012 Soybean Meal (Metric Ton) $541.2000 -0.2000

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The Author of this post has a bear credit spread in Corn futures. Neither the author of this article or any family members own any futures contracts or options on futures in any of the other commodities mentioned in this article. For a complete disclosure of the policy on ownership of stocks/commodities written about or recommended, please see about page.