At the end of trading on the exchange CBOT (Chicago Board of Trade), Wednesday (04/11/2012), the price of corn futures declined. These commodity prices weakened due to selling pressure coming from the market players along with the decline in Wall Street.
Concerns about the economic slowdown and possible strengthening of the euro area debt crisis has weakened the stock market and commodity futures markets to attack. Tuesday night the Spanish bond yields and Italy have increased, which is a signal that investor confidence in the euro area fell again.
The price of corn futures contract for delivery in May 2012 decreased by 14.25 cents and closed at 6.3475 dollars per bushel. While the price of corn futures contracts for delivery in July recorded a decline of 15.5 cents and closed at 6.2575 dollars per bushel.
Commodity Futures Trading Agency reported that the U.S. Department of Agriculture (USDA) will be updating monthly reports and global crop production estimates of the final stock. U.S. corn supplies in the report is expected to fall to the lowest position of 16 years before the fall harvest.
Following the report, market participants will turn their attention to the weather and planting corn. If the farmers to plant too early, then they could potentially lose the benefit of insurance in the event of a disaster affecting their crops.
According to information from the Commodity Futures Trading Supervisory Board, the price of corn in Gorontalo on Tuesday traded at Rp 1925, Rp 19 per kg decreased compared to the previous trading day, Dollar Rupiah 1,944.