By Luzi Ann Javier - Apr 22, 2013
Bloomberg
Corn slumped to its lowest level in almost a week as a bird flu outbreak in China added to concern that demand for the U.S. grain for poultry and livestock feeds may wane. Soybeans and wheat also declined.
Corn for delivery in July slumped as much as 1.4 percent to $6.24 a bushel on the Chicago Board of Trade, the cheapest since April 16. Futures were at $6.27 at 2:01 p.m. in Singapore on volume that was 58 percent above the 100-day average for that time of day.
Two more people died of H7N9 virus in China, taking the nationwide death toll to 20, Xinhua News Agency reported yesterday, citing health authorities. In the U.S. the world’s largest corn producer, demand for the grain from domestic users and importers including China, will drop 11 percent to 11.14 billion bushels this marketing year, from a year earlier, U.S. Department of Agriculture data show.
“The rising death toll from avian flu is intensifying concerns that China’s corn and soybean imports may decline,” Hiroyuki Kikukawa, general manager for research at Nihon Unicom Inc. said by phone from Tokyo today. “Demand is declining as corn planting in the U.S. gets under way.”
The USDA will update corn-planting progress in Washington today. About 2 percent of the crop was planted as of April 14, behind an average of 7 percent in the previous five years, the USDA said April 15.
Pilgrim’s Pride Corp., the second-largest U.S. chicken producer, plans to buy 10 percent of its corn from late December 2012 to early July 2013 from Brazil, Chief Executive Officer Bill Lovette said in an interview on April 19.
Soybeans for July delivery declined as much as 0.8 percent to $13.7125 a bushel, before trading at $13.755. Wheat for delivery in July fell 0.5 percent to $7.08 a bushel.
Bloomberg
Corn slumped to its lowest level in almost a week as a bird flu outbreak in China added to concern that demand for the U.S. grain for poultry and livestock feeds may wane. Soybeans and wheat also declined.
Corn for delivery in July slumped as much as 1.4 percent to $6.24 a bushel on the Chicago Board of Trade, the cheapest since April 16. Futures were at $6.27 at 2:01 p.m. in Singapore on volume that was 58 percent above the 100-day average for that time of day.
Two more people died of H7N9 virus in China, taking the nationwide death toll to 20, Xinhua News Agency reported yesterday, citing health authorities. In the U.S. the world’s largest corn producer, demand for the grain from domestic users and importers including China, will drop 11 percent to 11.14 billion bushels this marketing year, from a year earlier, U.S. Department of Agriculture data show.
“The rising death toll from avian flu is intensifying concerns that China’s corn and soybean imports may decline,” Hiroyuki Kikukawa, general manager for research at Nihon Unicom Inc. said by phone from Tokyo today. “Demand is declining as corn planting in the U.S. gets under way.”
The USDA will update corn-planting progress in Washington today. About 2 percent of the crop was planted as of April 14, behind an average of 7 percent in the previous five years, the USDA said April 15.
Pilgrim’s Pride Corp., the second-largest U.S. chicken producer, plans to buy 10 percent of its corn from late December 2012 to early July 2013 from Brazil, Chief Executive Officer Bill Lovette said in an interview on April 19.
Soybeans for July delivery declined as much as 0.8 percent to $13.7125 a bushel, before trading at $13.755. Wheat for delivery in July fell 0.5 percent to $7.08 a bushel.
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