Home / Markets / Markets Analysis / Corn market / Grains choppy heading into Thursday

Grains choppy heading into Thursday

Jeff Caldwell 12/06/2012 @ 6:19am Multimedia Editor for Agriculture.com and Successful Farming magazine.

Despite continued bullish signals from factors like continued rain in Argentina, anxieties about macro-level issues such as the so-called fiscal cliff are seeping into the grains and will likely cause a more choppy, unsteady trade Thursday after a higher day Wednesday.

Early calls for the grains are corn 1 to 3 lower, soybeans 1 to 3 higher, and wheat 1 lower to 1 higher, according to private sources.

Just before 6:00 AM CST Thursday, the March corn futures contract was 1 cent lower at $7.56 3/4 per bushel, while January soybeans were 4 1/4 higher at $14.83 1/2, and March wheat was 1 1/2 higher at $8.61 1/2.

It's another day of a battle between macro and ag-specific factors. Rainfall in Argentina and word that Japan is buying more U.S. wheat are bullish, but resounding anxiety about macroeconomic issues like the "fiscal cliff" are causing traders to take a more cautious approach and could lead to light profit-taking Thursday after a higher day on Wednesday, analysts say, adding that Thursday's trade is more likely to resemble Tuesday's choppy, two-sided trade than Wednesday's rally.

Sign up for our Market Email Alerts!

CancelPost Comment
MORE FROM JEFF CALDWELL more +

Corn, Soybean Conditions Slip Slightly;… By: 07/28/2014 @ 3:34pm The U.S. corn and soybean crops are developing at a pace ahead of normal despite the fact the last…

Exports Fuel Soybean Price Blowup Monday By: 07/28/2014 @ 2:52pm Corn and soybeans surged to higher closing prices Monday, led by a soybean pit that was sharply…

Weather Starter: Corn Belt Dryness Continues By: 07/28/2014 @ 9:53am The week's starting out a dry one -- and likely will end on that note, too -- though while…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Scott Shellady: Options 101