CHICAGO, May 3 - Grain futures in Chicago Board of Trade halted gains on Monday, as mounting concerns over eurozone debt crisis weighed on euro and lifted U.S. dollar. The rally in dollar increased the cost of U.S export and reduced its competitiveness in the global markets.
Soybean future for July delivery was down 12.5 cents to settle at 9.865 U.S. dollars per bushel. July corn dipped 3.75 cents to 3. 715 dollars a bushel. July wheat declined 1.25 cents to 5.0175 dollars a bushel.
Investors worried about Greek debt crisis which is spreading to other debt-plagued eurozone countries may undermine the economic recovery of Europe, although EU and IMF has agreed over weekend to provide Greece with a 110-billion-euro emergency loan, have sold off euro and flocked to dollar on Monday for the purpose of safe haven. Trader noted that the increase in the value of dollar, which may curb demand from U.S. set a weak tone for the day.
Meanwhile, traders also indicated that grain futures also dropped on speculation that the shipping in and out of the Gulf ports would be halted or slowdown due to the oil spill in the Gulf of Mexico, and encourage importers to choose other suppliers.
The speculation that China may curtail import of soybean has kept a lid on soybean price, since China is the biggest consumer of soybeans. And the favorable weather in South America also dragged the soybean price down. |
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