Home / Markets / Markets Analysis / Corn market / Grain prices bounce back

Grain prices bounce back

02/23/2011 @ 9:55am

CHICAGO, Illinois (Agriculture.com)--The CME Group grain markets rebounded on continued tight supply concerns and an overbought market Wednesday.

The March corn futures settled 11 3/4 cents higher at $6.91 1/2. The March soybean contract closed 22 cents higher at $13.20.  The March wheat futures ended 3/4 of a cent higher at $7.63. The March soymeal futures settled $5.30 per short ton higher at $351.80. The March soyoil futures settled $1.03 higher at $55.02.

In the outside markets, the NYMEX crude oil is $2.91 per barrel higher, the dollar is lower, and the Dow Jones Industrials are down 93 points.

Grain prices rebounded from steep losses on tight supply concerns and a sharply higher crude oil market.

Tim Hannagan, PFGBest.com senior grain analyst, says profit-taking keeps a lid on price gains. "Corn, beans and wheat all traded lower overnight, as pools of unsold long positions at limit down were unfilled and needed the overnight trade to get out. 

But, the break was hard from the Monday night high's, leaving more than enough month-end profits taken by the funds, he says. "This had prices turn up into mid-session. Technically, May corn futures need a close over $6.80, May beans over $13.00 and May wheat over $7.85 to stay bullish on the charts. A close under, this week, keeps the break going."



CancelPost Comment
MORE FROM MIKE MCGINNIS more +

USDA Data Is Friendly, Soybeans Don't… By: 12/10/2014 @ 10:14am DES MOINES, Iowa (Agriculture.com)—The strong pace of U.S. exports has encouraged the USDA to…

Pre-USDA, Markets Drop Wednesday By: 12/10/2014 @ 8:53am DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group's corn, soybean and wheat…

Corn, Soybeans Seen Extending Gains By: 12/10/2014 @ 5:52am On Wednesday, the CME Group's corn, soybean and wheat markets are expected to start mostly…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
The Future of Livestock Production
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]