Soybean, corn prices tumble after report

NEW YORK — Soybeans are leading a big sell-off in grains trading after the government released its latest crop report.

The Agriculture Department said yesterday that soybean stockpiles are larger than expected. And it forecasts that farmers will plant 78.1 million acres of beans. That would make 2010 another record year of production.

May soybeans are down 39.5 cents, or 4.1 percent, at $9.345 a bushel in midday trading March 31. The drop is similar to the slide two months ago after a USDA report showed bigger-than-expected production.

Corn plantings are also expected to go up this year. The USDA estimates farmers will plant 88.8 million acres.

May corn is down 8.25 cents, or 2.3 percent, at $3.4625 a bushel.

[RSS Feed] [del.icio.us]



To sign up for Mississippi Business Daily Updates, click here.

POST A COMMENT

 

FOLLOW THE MBJ ON TWITTER

Twang & Tourism: The Country Music Trail

Our annual "Come See Us" magazine offers ideas for spots in Mississippi ranging from golf to culture to history to food. Click the photo for ideas, stories and access to the digital edition of this year's magazine.

Top Posts & Pages

%d bloggers like this: