Ideal weather and an optimistic crop outlook took another chunk out of corn prices Thursday, as the nearby month set a new contract low. The Midwest's moderate temperatures and ample rainfall are the main influence in the market currently, analysts say. Corn futures appear poised to move lower amid slumping domestic demand and signs that a bumper crop in the United States is growing even bigger. But sinking prices could stimulate demand, which could limit corn's bearish impact on other grains traded at the Board. Those in the bullish camp see higher prices at year-end and expect continued strong demand for grains, an improved global economy and a rally in crude oil futures to support grain and soybean prices.
Soybean futures tumbled Thursday, backpedaling on speculative selling amid bearish crop weather and news of China releasing supplies out of their strategic reserves. August soybeans ended 44 1/2 cents lower at $9.76, and November soybeans finished 14 1/2 cents lower at $8.90. Speculative fund selling was estimated at 5,000 lots in soybeans.
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