Get Premium Data for Cyber Monday: Up to 55% Off InvestingProCLAIM SALE

U.S. soybeans, corn edge lower after Monday’s rally

Published 07/29/2014, 07:34 AM
U.S. soybeans decline after Monday’s 2.2% rally
ZS
-
ZW
-
ZC
-

Investing.com - U.S. soybean and corn futures edged lower on Tuesday, one day after rallying sharply amid speculation lower prices will increase near-term demand for U.S. supplies.

On the Chicago Mercantile Exchange, U.S. soybeans for November delivery declined 0.23%, or 2.4 cents, to trade at $11.0520 a bushel during U.S. morning hours.

The November soybean contract surged 2.24%, or 24.2 cents, on Monday to settle at $11.0760 a bushel, on expectations of strong demand following a steep decline in prices.

Prices of the oilseed slumped to a contract low of $10.5500 a bushel on July 23 as indications of ample global supplies drove prices lower.

Meanwhile, U.S. corn for December delivery shed 0.46%, or 1.6 cents, to trade at $3.7500 a bushel.

The December corn contract rallied 1.34%, or 5.0 cents, on Monday to end at $3.7660 a bushel, as investors sought cheap valuations in wake of recent losses.

Corn prices fell to a four-year low on July 24 as ongoing expectations for a record U.S. harvest continued to weigh.

Elsewhere on the CBOT, U.S. wheat for September delivery dipped 0.25%, or 1.32 cents, to trade at $5.3288 a bushel.

The September wheat contract dropped 0.6%, or 3.2 cents, on Monday to settle at $5.3460 as prospects of ample global supplies weighed.

Wheat prices fell to a four-year low of $5.2020 a bushel on July 23 as harvest progress in the northern hemisphere underlined the view of ample global supplies.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.