GRAINS-Corn sets contract high as drought bites more
* Drought shrivels corn crop further * Soy in key phase, some corn damage beyond repair * Market eyes crop deterioration in USDA report By Naveen Thukral and Ivana Sekularac
AMSTERDAM/SINGAPORE, July 30 (Reuters) – Benchmark U.S. corn prices hit a contract high Monday, while wheat rallied more than two percent and soybeans raced to their highest in a week, as the worst drought in five decades ate further into crop yields across the U.S. grain belt – once again fanning food inflation fears.
Agricultural markets have picked up steam since Friday as reports of crop damage poured in, with profit-taking based on previous forecasts of rain and wider macro-economic concerns seen as largely overdone.
“We hadn’t seen much of a shift in the overall fundamentals, people got a little bit overexcited about the (U.S.) rainfall. It’s still very dry and forecasts are for above-average temperatures and below-average rainfall,” said Erin FitzPatrick, commodity analyst with Rabobank in London.
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Prepare for more Perdue layoffs - unless you're directly involved with the product.....meaning Accounting, Communications, HR, and IT....unless you're one of the protected few....
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