CBOT corn falls on stronger dollar, hefty US harvest expectation
CHICAGO, Aug 7 (Reuters) -Chicago Board of Trade corn futures fell for a second day on Wednesday, amid expectations of a bumper U.S. harvest and a stronger dollar, which makes U.S. grains less competitive, traders said.
CBOT September corn CU24 settled down 5-1/2 cents at $3.83-1/4 per bushel.
Most-active December CZ24 corn ended down 4-1/2 cents at $4.00-3/4 per bushel.
Corn futures also moved lower on renewed concerns that Argentina will roll back their export taxes, traders said.
Traders began to shore up their positions ahead of Monday's global supply and demand report from U.S. Department of Agriculture, which resulted in some thin trade volume, traders said.
The dollar continued to recover, following the recovery in global markets after a huge sell-off on Monday on worries over a possible recession in the U.S.
The stronger dollar made U.S. exports less attractive.
Reporting by P.J. Huffstutter; Editing by Josie Kao
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
