Corn and soybean prices up on US news

Commodities , Food , Soybaens Jun 20, 2012 2 Comments

CornThe crop conditions for corn and soybeans have deteriorated further in the U.S., according to data published by the U.S. Department of Agriculture on June 18th. Only 63% of corn harvest is evaluated as “good” to “excellent”, against 66% a week earlier and 70% last year. For soybeans, these figures rise to 56%, against 60% last week and 68% in 2011.

These evaluations suggest lower yields than the previous forecast, which expected a U.S. corn production of 375.7 million tonnes and 87.2 million tonnes of soybeans for 2012-2013. Crops, especially in the Midwest, are affected by dry weather.

Fears of worse than expected yields contributed to a rebound in prices on the Chicago Board of Trade: the July corn contract due traded at 613.2 cents per bushel yesterday, nearly 6% higher than the Friday’s closing price, while July soybeans contract was up 4% at 1,437 cents per bushel.

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Pascal Blanc

Pascal has implemented numerous software solutions in the areas of procurement, sourcing, spend management, supplier evaluation and performance. His clients include Fortune 500 companies in Europe, Asia and North America. He is a co-founder of Source & Procure.

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