Monday, 09 April 2012 20:52
CHICAGO: US corn fell 1 percent posting its biggest drop in five trading days and soy slipped a half percent on Monday as traders liquidated or sold some long holdings of each commodity before a US government grain report on Tuesday.
"It's choppy before tomorrow's supply and demand numbers. Everyone is expecting the government to cut the stocks but there always could be a surprise," said Brian Hoops, analyst for Midwest Market Solutions.
Wheat also eased in volatile dealings before the fresh data is released.
At 10:23 a.m. CDT (1523 GMT), CBOT May corn was down 8-3/4 cents per bushel at $6.49-1/2, May soy was down 8-1/4 at $14.21 and May wheat was down 1-1/2 cents at $6.37.
The USDA will update its monthly global crop production and US ending stocks forecast at 7:30 a.m. CDT (1230 GMT) on Tuesday.
US corn supplies are expected to fall to a fresh 16-year low before the fall ...