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Evening markets: talk of record crop weakens corn

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Wheat was not the only food commodity in the doghouse on Wednesday.

While the grain suffered over concerns of enhanced regulation, corn remained out of favour because of the prospect of a bumper US crop, which big growing areas continuing to be gripped by favourable weather for the important pollination period.

Investors continue to talk of the University of Illinois estimate, as reported on Agrimoney.com on Tuesday, that corn and soybean yields could be far higher this year than investors have been counting on.

'Record crop'

"There is talk of a record corn crop this year," Joe Bedore, CBOT trading floor manager for trade house FC Stone, told Reuters, the news agency.

"It's almost assured there will be record yields in the western Corn Belt, where the crop was planted on time."

Chicago corn for September stood 3.25 cents lower at $3.08 ¼ a bushel in the dying minutes of trade, recovering some ground from a fresh 2009 low of $3.04 a bushel hit earlier.

Soybeans, which set an intraday low of $10.09 ¼ a bushel, clambered back into positive territory, adding 3 cents to $10.17 ½ a bushel.

India sugar boost

Among softs, cocoa was under the cosh too, dropping 3.4% to $2,777 a tonne in New York, for September delivery, as investors booked profits from a crop which remains near a five month high.

London September cocoa slumped 4.2% to £1,747 a tonne.

However, sugar did better, adding 1.1% to 18.00 cents a pound for New York's raw sugar contract as reports said that India, the world's biggest consumer, was considering extending a period of tax-free imports beyond this month because of a death of domestic supplies.

London white sugar for October added 0.2% to $469.0 a tonne.

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