3 Jul 2009

Corn prices fall as good weather forecasts

7:59 am on 3 July 2009

Corn and soybean futures fell in the United States on Thursday following good weather forecasts for crops over the next few days.

Other factors included a firm dollar, a downturn in crude oil prices and weak equity markets.

Corn prices have fallen nearly 10% this week since the Agriculture Department announced that despite a cold and wet spring, farmers this year planted the second-largest amount of corn since 1946.

A total 35.2 million hectares were planted with corn.

US grain markets will be closed on Friday for the 4 July Independence Day holiday.

However, soybean futures are up 4.3% due to fears of shortages at processors and export terminals during summer.

Wheat prices also eased on Thursday due to a glut of global supplies.