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Soyabeans fell on Monday as investors took profits and
unwound bull spreads after the market set a new peak, with traders watching for
crop damage as Tropical Storm Isaac churned toward the US Gulf Coast. Corn and
wheat futures at the Chicago Board of Trade were also lower, weighed down as
new-crop November Soyabeans fell from a contract high of $17.60-1/2 per bushel
as US crude oil tumbled 68 cents to settle at $95.47 a barrel.
Corn futures were down four straight sessions, but the December contract held around the $8-per-bushel level after setting a record high $8.49 on August 10 as the worst drought in 56 years devastated the crop in the United States. After the market closed, the US Department of Agriculture's crop progress report showed that 6 percent of the corn crop had been harvested as of Sunday, well below the 10 percent expected by analysts polled by Reuters.
The harvest was 6 percent complete in Illinois, the No 2 corn state, up from 3 percent the previous week. In top corn state Iowa, the harvest was 2 percent complete while in Nebraska, it was 4 percent, up from 1 percent previously. New-crop November Soyabeans fell 0.7 percent to end at $17.18-3/4. December corn was down 1.0 percent to end at $8.00-3/4, while December wheat was down 0.8 percent at $8.81-1/4.
Isaac was barrelling across the Gulf of Mexico after skimming past south Florida. Based on its current track, it was due to slam into the Gulf Coast between Florida and Louisiana Tuesday night or early Wednesday - the seventh anniversary of Hurricane Katrina, which devastated New Orleans. Grain companies Cargill Inc and Archer Daniels Midland Co shut down some export elevators in Louisiana as a precaution.
Barge traffic between Baton Rouge, Louisiana, and the US Gulf has been suspended due to the threat from Isaac, the Crescent River Port Pilots Association said. The Mississippi River is a major channel for the movement of grains produced in the Midwest farm belt to export terminals at the Gulf of Mexico for shipment around the world. Grain movement is set to pick up in the coming weeks as farmers in the Midwest - where 75 percent of the country's corn and soya crops are grown - begin harvesting in earnest. Cash market prices for Soyabeans in the Midwest have begun to fall in anticipation of the harvest, which was also seen weighing on futures, which have rallied to a record high after the worst drought in 56 years devastated crops.
Corn futures were down four straight sessions, but the December contract held around the $8-per-bushel level after setting a record high $8.49 on August 10 as the worst drought in 56 years devastated the crop in the United States. After the market closed, the US Department of Agriculture's crop progress report showed that 6 percent of the corn crop had been harvested as of Sunday, well below the 10 percent expected by analysts polled by Reuters.
The harvest was 6 percent complete in Illinois, the No 2 corn state, up from 3 percent the previous week. In top corn state Iowa, the harvest was 2 percent complete while in Nebraska, it was 4 percent, up from 1 percent previously. New-crop November Soyabeans fell 0.7 percent to end at $17.18-3/4. December corn was down 1.0 percent to end at $8.00-3/4, while December wheat was down 0.8 percent at $8.81-1/4.
Isaac was barrelling across the Gulf of Mexico after skimming past south Florida. Based on its current track, it was due to slam into the Gulf Coast between Florida and Louisiana Tuesday night or early Wednesday - the seventh anniversary of Hurricane Katrina, which devastated New Orleans. Grain companies Cargill Inc and Archer Daniels Midland Co shut down some export elevators in Louisiana as a precaution.
Barge traffic between Baton Rouge, Louisiana, and the US Gulf has been suspended due to the threat from Isaac, the Crescent River Port Pilots Association said. The Mississippi River is a major channel for the movement of grains produced in the Midwest farm belt to export terminals at the Gulf of Mexico for shipment around the world. Grain movement is set to pick up in the coming weeks as farmers in the Midwest - where 75 percent of the country's corn and soya crops are grown - begin harvesting in earnest. Cash market prices for Soyabeans in the Midwest have begun to fall in anticipation of the harvest, which was also seen weighing on futures, which have rallied to a record high after the worst drought in 56 years devastated crops.
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