One day after Ben Bernanke’s Press Conference, the US dollar (NYSE:UUP) continued to show weakness. As a result, the Dow (NYSE:DIA) and oil (NYSE:USO) both continued their climb higher. However, not every market participant climbed higher. The agricultural (NYSE:RJA) sector appeared absent from today’s rally.
Let’s take a look at agricultural:
The CME Group (NASDAQ:CME) market for corn got an earful of selling. The corn (NYSE:CORN) futures contract for July fell 30 cents to $7.29. However, corn wasn’t the only ag to fall. Soybeans (NYSE:JJG) fell 31 cents to $13.53, and wheat (NYSE:GRU) decreased 34 cents to $7.76. The declines are attributed to improving weather conditions and greater supply ahead.
There is also speculation that Russia (NYSE:RSX) may lift its export ban on wheat in July. Russian’s wheat harvest for the 2010-2011 season is expected to come in at 85-88 million tons, exceeding its domestic demand of 70 million tons. Russia’s Prime Minister Vladimir Putin exclaimed that to “do to the utmost to remedy the situation on the grain market and restore our image as a reliable partner.”
Ag names across the board fell on Thursday. The Rogers Intl Commodity Ag ETN (NYSE:RJA) closed down 2.27%. In the past 5 days, the ETN is down 3.32%. Ag giants such as Monsanto (NYSE:MON) and Deere Co. (NYSE:DE) also closed lower for the day.
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Disclosure: No positions.