Grain and Bean Prices Slump on Better Weather


Better growing conditions for grains and beans pushed down futures prices for corn, wheat and soybeans Thursday.

Corn slumped seven cents, or 1.6 percent, to close at $4.49 a bushel. Other contracts had similar declines.

Wheat fell nine cents, or 1.4 percent, to $6.06 a bushel, and soybeans fell 22 cents, or 1.5 percent, to $14.61 a bushel.

A sharp improvement in weather and growing conditions for U.S. crops has sent futures falling this week. Corn is down 3.5 percent so far.

On Monday, the U.S. Department of Agriculture reported that corn planting was proceeding far faster than most traders anticipated, and that the quality of the crop was also better than expected, according to DTN analyst Todd Hultman.

“We’re starting off with fantastic growing conditions,” Hultman said. “With the weather looking so good this year, it takes away all the motivations from buyers.”

Then again, Hultman added: “It’s a long way from now to harvest.”

In other commodities trading, gold for August delivery rose $9, or 0.7 percent, to settle at $1,253.30 an ounce. July silver rose 29 cents, or 1.5 percent, to $19.08 an ounce.

July platinum rose $11.20, or 0.8 percent, to $1,445.10 an ounce, and palladium for September delivery rose $2.30, or 0.3 percent, to $839.45 an ounce.

July copper was essentially unchanged at $3.09 a pound.