950803

CBOT soy

products futures

plunge

CHICAGO: CBOT soya product futures closed lower as good crop weather in the Midwest hit soyabeans, traders said on Wednesday.

The market recently was buoyed by concerns about forecasts for hot weather which could have harmed the crop. But the soy complex began tumbling Monday and continued today as near-greenhouse conditions surfaced in the key U.S. soyabean producing states.

A massive fund sellof in wheat and limit down close in that pit also contributed pressure to soyaoil and soyameal.

Underlying support came from a private estimate for the U.S. soyabean crop.

Farmers Commodities Corp today said it pegged the U.S. 1995 soyabean crop at 2.160 billion bushels, down from USDA's July outlook for 2.240 billion.

USDA's August crop report is slated for release on August 11.

Soyaoil closed 0.07 to 0.26 cent per lb lower, with August down 0.22 at 26.28. Soymeal was $1.00 to $3.60 per ton lower, with August down $2.60 at $176.20. CBOT corn closes lower on good weather, wheat drop

Good crop weather this week in the U.S. Midwest and a limit fall in wheat futures pressured CBOT corn futures to a lower close, traders said.

"The weather is conducive for crop development," a trader said.

This week cooler and damper conditions slipped into key U.S. corn growing states and corn prices began falling. There are outlooks for the good weather to continue.

Weather Services Corp meteorologist Mike Palmerino said the weather "will benefit any corn remaining to be pollinated and will be especially beneficial to soyabeans which are now in their major flowering period."

Some pressure also came from a private crop estimate.

Farmers Cooperative Corp pegged the 1995 U.S. corn crop at 7.934 billion bushels, up from USDA's forecast in July for 7.785 billion. USDA's August crop report is slated for release on August 11.

News China bought 100,000 tonnes of U.S. corn and rumors that country is tendering for more gave the market underlying support.

Corn closed 1/4 to four cents per bushel lower, with September down 3-1/2 at $2.79. -Reuter