Corn, wheat, soy drop 3 percent as oil falls below $50 a barrel

At the Chicago Board of Trade, US corn and soybean prices fell more than three percent on Thursday as oil fell below $50 per barrel, the lowest since 2005. Traders said that the export outlook for corn had deteriorated as meat demand in foreign countries was dropping and driving down demand for US wheat, corn and soy for livestock feed, although soy demand was still up slightly from 2007 levels Corn fell to $3.66, soy to $8.66 per bushel, and wheat to $5.07 for the upcoming December and January contracts. The three commodities have dropped more than 50 percent in price since reaching record highs earlier this year.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

USDA projects 8 percent drop in corn acres in 2008; soybeans up 18 percent, wheat to rise 6 percent

The U.S. Department of Agriculture (USDA) released 2008 report on crop plantings, projecting that US corn acreage would drop 8 percent to 86.0 million acres. Soybean production is expected to rise 18 ...

Today in Biofuels Opinion: “At $4 (a bushel) corn, we can compete with $60-$70 (a barrel) oil.”

POET CEO Jeff Broin:  "At $4 (a bushel) corn, we can compete with $60-$70 (a barrel) oil. As oil falls below that, it will have some effect on grain prices." Sue Ellerbusch, BP Petroleum's vice pr...

Gasoline, ethanol prices drop; gas now down 9 percent from July high

According to AAA, gasoline prices have now dropped from a July 16 peak of $4.114 per gallon to $3.717 after 24 consecutive days of declines. The 9 percent drop compares to the 22 percent drop in crude...

Only 27 percent of US corn planted, slowest pace since ‘95, as rains raineth; corn prices surge to $6.0625 as shortage concerns grow, oil escalates to $122 per barrel

The July contract for corn reached $6.0625 per bushel as oil prices rose to $122 per barrel, and fears rose over production when it was revealed that only 27 percent of the US corn crop is planted, du...

Husky Energy switches to corn from wheat at Manitoba plant, citing feedstock cost

Husky Energy said that rising wheat prices had forced the company to switch feedstock at its Minnedosa plant in western Manitoba to corn. The company said that corn now accounted for up up to 75 perce...

Germany’s CropEnergies profits drop 70 percent on wheat price hit

In Germany, CropEnergies has announced that second quarter profits plunged 70 percent as the European wheat price rose to $8.37 per bushel at the Chicago Board of Trade, up from $6.20 for the correspo...