Corn traders seem to be taking profits before the weekend. Despite continued equity market strength and a more stable currency situation, as well as more evidence of Russian government moves to curtail its wheat exports, the crop markets have turned decidedly lower night. Corn futures followed wheat downward, thereby seeming to reflect bullish profit-taking and farmer selling in the wake of this week’s gains. March corn futures dipped 2.25 cents to $4.0875/bushel late Friday morning, while July lost 2.5 to $4.2375.
Syngenta is not ready to comment officially about settling lawsuits related to the marketing of Agrisure Viptera seed, which resulted in China rejecting U.S. corn shipments, but there is speculation that settlements might happen if China follows through with importing such corn in the near future. Yet law firms have announced they are expanding class-action lawsuits against Syngenta to include farmers in more states.
In a comprehensive analysis of more than 1,500 field studies conducted over 20 years, an agricultural economist reports that neonicotinoid insecticides provided average yield increases ranging from 3.6 to 71.3 percent in eight major crops across North America.
Uralkali, the world's largest potash producer, may have to write down up to $1 billion for damage to its Solikamsk-2 mine and loss of potash reserves, while output could fall next year if the mine has to close, the company said.
Corn bulls may be taking profits before the weekend. Despite continued equity market strength and a more stable currency situation, as well as more evidence of Russian government moves to curtail its wheat exports, the crop markets turned decidedly lower Thursday night. Corn futures followed wheat lower, thereby seeming to reflect bullish profit-taking in the wake of this week’s gains. March corn futures dropped 6.0 cents to $4.05/bushel early Friday morning, while July lost 6.0 to $4.2025.
Industry sources and analysts said China's change of heart was down to a warmer political climate between Beijing and Washington since the Asia-Pacific Economic Cooperation (APEC) forum last month, where the two announced a joint plan to limit carbon emissions and made breakthroughs on eliminating duties on technology products.