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Evening markets: new-crop soybeans take a bow

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Food commodities put in a mixed performance as might be expected on a day which provided confusing external stimuli, with the dollar weakening – yet oil down too.

Normally a declining dollar would be helpful for dollar-denominated crops by making them cheaper to foreign buyers.

The dollar dropped about 0.3% to $1.3871 against the euro on rising hopes that a rise in interest rates is still away a way.

However, oil - often a leader for crops for its influence on biofuels demand – also dropped, depressed by data showing rich US petrol stocks. New York crude for July was $0.20 lower at $70.27 a barrel at 17:30 GMT.

New crop beans shine

Soybean investors filled the vacuum with fundamentals - the prospect of US stocks falling to a 32-year low and slow plantings of this year's crop. Some states, such as Indiana, still have big soybean acreages to plant yet June 20 – Saturday - is viewed as something of a deadline on yield terms.

Farm wisdom has it that soybean yields drop about 0.5 bushels an acre for every day later that a field is planted.

Indeed, for once, new crop soybeans did better than old. While Chicago's July contract slipped 2.75 cents to $11.98 ½ a bushel, beans for November delivery were 17.5 cents higher at $10.46 a bushel.

Little changed

Corn steered in between the two extremes, standing 1.25 cents higher at $4.05 ¼ a bushel for July delivery and 1.5 cents up at $4.26 ¾ a bushel for the December contract.

Corn has its own supply and delay issues but, in both respects, they are less acute than soybeans'.

Wheat, meanwhile, for which there appear ample stocks, was 0.25 cents lower at $5.65 ½ a bushel for July delivery, if above a five-week low reached earlier.

Across the Pond wheat was lower too, closing down E0.25 at E145.25 a tonne for Paris's November contract.

Juice's losing streak continues

Among softs, orange juice continued to leave long investors with a bitter taste, closing down 0.65 cents at 77.00 cents a pound – its 12th successive negative close and the lowest for more than two months.

Juice prices have been badly hurt by the dearth of hurricanes to spoil Florida's groves, a crop setback many investors had been banking on.

Also in New York, cocoa for September shed 4.3% to $1,542 a tonne, its worst close since late May.

Technical factors, and fears that economic revival may not be as brisk as had been hoped, weighed on the commodity.

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