Corn Prices Fall as US Export Sales Plunge 35%
NEW YORK, June 6 -- Corn prices fell Friday on concerns about global demand after the government reported a drop in export sales.The US Agriculture Department said net export sales of corn fell 35 per cent last week from the previous week. Average sales over the past four weeks declined 18 per cent from the prior four-week average.
Corn prices were also pressured as spring planting progressed thanks to improving weather in Ohio and Indiana.
Corn is in tight supply, and many analysts have said it is important for US farmers to be able to harvest a robust amount this season to help ease shortages.
Wheat and soybeans both rose as rainy weather continued to hamper planting of both crops in parts of the northern United States, said Mike Zuzolo, president of Global Commodity Analytics and Consulting LLC.
In contracts for July delivery, corn fell 12.5 cents to settle at $7.54 (Dh27.69) a bushel, wheat rose 4 cents to $7.7375 a bushel and soybeans gained 7.5 cents to $14.145 a bushel.
Other commodities were mostly higher as the dollar grew weaker after a new government report reinforced worries that the economy may be slowing. Commodities are priced in dollars, and a weaker dollar makes them seem cheaper to buyers using other currencies.
The Labour Department said 54,000 jobs were created in May, the fewest in eight months. The unemployment rate rose to 9.1 per cent from 9 per cent in April.
In metals contracts for July delivery, silver fell 1.1 cents to settle at $36.191 an ounce, copper rose 5 cents to $4.1345 a pound and platinum gained $5.90 to $1,823.70 an ounce. Published by HT Syndication with permission from The Financial Express. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com
