CHICAGO, June 29 (ABC): Chicago Board of Trade (CBOT) agricultural futures fell across the board on Thursday, led by corn. The most active corn contract for December delivery plunged 38.25 cents, or 5.51 percent, to settle at 6.555 U.S. dollars per bushel.
September wheat fell 39.5 cents, or 3.99 percent, to settle at 9.4925 dollars per bushel. November soybean lost 61 cents, or 4.13 percent, to settle at 14.155 dollars per bushel. CBOT agricultural futures have been sharply lower on follow-through technical selling.
July and November soybeans both have fallen below their respective 100-day moving averages. The collapse in agricultural markets across the world has been dramatic. Chicago-based research company AgResource finds no real catalyst for the break other than high prices, with many at records.
Markets are not accounting for potential North Hemisphere yield loss or tight June 1 stocks, but the risk of tight stocks and continued dryness in July remains very much intact. AgResource maintains a long-term bullish outlook on tightening global supplies.