June 20 (Bloomberg) -- Corn and wheat fell on speculation rainfall in parts of Europe will help later-planted crops and demand for U.S. supplies will decline on a stronger dollar.
Rain in France and the U.K. will boost prospects for plants that were planted later than normal and spring crops now in the ground. The U.S. dollar gained 0.4 percent today against a basket of six currencies, making U.S. supplies less attractive. The market will follow macroeconomic factors until the U.S. Department of Agriculture’s acreage and grain stockpiles report on June 30, said Erin FitzPatrick, an analyst at Rabobank in London.
“Rain for later crops in France and Northern Europe” are depressing prices, FitzPatrick said today. “The markets will follow macros until next week’s USDA report.”
Corn futures for December delivery fell 3 cents, or 0.5 percent, to $6.57 a bushel by 10:35 a.m. London time on the Chicago Board of Trade. The price dropped 7.4 percent last week, partly as farmers in the U.S., the world’s biggest exporter of the grain, finished planting.
Wheat for September-delivery fell 5.5 cents, or 0.8 percent, to $7.025 a bushel in Chicago. Milling wheat for November delivery dropped 2.5 euros, or 1.2 percent, to 210.50 euros ($299.48) a metric ton.
Soybeans for November-delivery gained 0.75 cent to $13.34 a bushel after falling 3.5 percent last week. The price has declined 4.9 percent this year, partly on speculation Chinese demand will fall.
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