Chicago wheat, corn down while soybeans rally

March 7, 2012 9:04 am 

CHICAGO, March 7 — Chicago soybeans regained momentum Tuesday while corn and wheat futures fell with much of commodities trading negatively affected by high sales pressure due to economic growth concerns and declines in equities markets.

The most active corn contract for May delivery decreased 6.6 U. S. cents, or 1.0 percent, to close at 6.54 U.S. dollars per bushel. May wheat fell 14.2 cents, or 2.08 percent, to 6.58 dollars per bushel. May soybeans gained 10.2 cents, or 0.75 percent, to close at 13.35 dollars per bushel.

Analysts said that news of lower South American soybean production seemed to lead some traders to believe U.S. soybeans could reap possible benefits, as did speculation of continued demand from China. Such an atmosphere allowed May soybeans trading to recover from Monday's loss, and end the day at their highest close since Sept. 21.

Corn saw more negative impact from outside influences, as a stronger U.S. dollar and declines in the U.S. stock market Tuesday pressured the market from the outset. Data of increased corn planting and a more normal yield also produced some incentive for liquidation selling.

Outside influences and concerns over the situation in Europe similarly affected May wheat futures, bringing wheat to its lowest close since Feb. 27. Internationally, Libya bought 65,000 tons of Russian wheat.

Lingering uncertainty over financial conditions in Europe continues to have an outside downward influence on market, a trend some say could persist until the Greek debt swap deadline March 8. (PNA/Xinhua) DCT/ebp

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