Grain and bean prices slump on better weather

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Associated Press

Posted on June 5, 2014 at 4:00 PM

Updated Thursday, Jun 5 at 4:00 PM

Better growing conditions for grains and beans are pushing down futures prices for corn, wheat and soybeans.

Corn slumped seven cents, or 1.6 percent, to close at $4.49 a bushel Thursday. Other contracts had similar declines.

Wheat fell nine cents, or 1.4 percent, to $6.06 a bushel and soybeans fell 22 cents, or 1.5 percent, to $14.61 a bushel.

A sharp improvement in weather and growing conditions for U.S. crops has sent futures falling this week. Corn is down 3.5 percent so far.

On Monday, the U.S. Department of agriculture reported that corn planting was proceeding far faster than most traders anticipated, and that the quality of the crop was also better than expected, according to DTN analyst Todd Hultman.

Metals and energy prices mostly rose.

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