Grains end mixed on profit-taking
U.S. corn futures finished mixed Tuesday, stabilizing after Monday's rally, with many traders taking profits on prior gains.
Chicago Board of Trade corn futures for July delivery, the most actively traded contract, finished down three cents, or 0.5%, at $6.52 1/2 a bushel. The December contract settled down 1 1/4 cents, or 0.2%, to $5.38.
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The market found some stability after prices soared Monday on worries about planting delays across the Farm Belt. Traders took some profits on prior bets in the absence of fresh news to affect market fundamentals.
"We saw some unwinding of trades after the nice run-up in the corn market Monday," said Michael North, senior risk management advisor for brokerage First Capitol Ag in Platteville, Wis. "The price of corn was where it needed to be to correlate with current planting delays."
Wheat futures settled mixed, as traders weigh poor conditions for the U.S. crop against expectations for ample world supplies.
July wheat futures ended up one cent, or 0.1%, at $7.10 3/4 a bushel at the Chicago Board of Trade. Kansas City Board of Trade July wheat rose 1/2 cent, or 0.07%, to $7.67 a bushel. Minneapolis Grain Exchange July wheat finished down 1 1/4 cents, or 0.2%, at $8.11 1/4 a bushel.
Soybean futures ended mixed, with traders taking profits on prior bets. CBOT soybeans for July delivery, the most actively traded contract, finished down 4 1/2 cents, or 0.3%, at $14.14 3/4. The November soybean contract settled up 4 1/4 cents, or 0.4%, to $12.14.
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(END) Dow Jones Newswires
May 14, 2013 14:57 ET (18:57 GMT)
DJ U.S. Corn Futures End Mixed; Prices Stabilize After Monday Surge->copyright
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