Corn and soy sales drop after anticipation that lower South American prices would drive down demand for the U.S. crops

A stronger dollar discouraged buyers from purchasing soybeans, corn and wheat this past week.
When compared to six major currencies, the U.S. dollar rose 1.2 percent, resulting in purchasers' looking to other countries, such as Brazil and Argentina, for their crops.
These two South Americans countries' combined output will result in a 44 percent increase for stocks.
“The strong dollar and more supplies from South America have made U.S. soybeans less attractive to overseas buyers, especially China, putting downward pressure on the Chicago futures,” said Toshimitsu Kawanabe, an analyst at Tokyo-based commodity broker Central Shoji Co.
Corn and wheat bushel prices have steadily dropped for May delivery.

Source: BusinessWeek


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Source: BusinessWeek

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