Corn, Soybean Futures Drop as U.S. Freeze Concerns Ease
Corn and soybean futures fell as concerns eased that frost will damage plants in parts of the U.S., the world’s top grower of the crops. Wheat dropped to a five-week low.
The odds for a damaging freeze in northern Plains states and the upper Midwest have declined, Bethesda, Maryland-based Commodity Weather Group said today in a report.
“There was a concern of how low the temperatures might go in places like North Dakota, Minnesota and on into Wisconsin,” Bill Lapp, the president of Advanced Economic Solutions in Omaha, Nebraska, said in a telephone interview.
Corn futures for December delivery fell 2.2% to close at $3.4825 a bushel at 1:15 p.m. on the Chicago Board of Trade. On Sept. 5, the price jumped the most in six months because of freeze concerns. The grain on Sept. 4 touched $3.4375, the lowest for a most-active contract since June 30, 2010.
Source: Bloomberg
