Grains mill around mixed in early trading
Corn and wheat have started higher, while soybeans are slightly lower in early trading Friday.
In early trading, nearby corn futures are 4 cents higher at $6.38 1/2 per bushel, while nearby soybeans are 3 1/2 lower at $12.19 1/4 and nearby wheat is 1 3/4 cents higher at $6.55 1/4, according to Barchart.com.
A couple factors are looming larger than others Friday; South America's weather situation is still taking some market attention, while the flow and direction of investment money is starting to rebound into a larger factor as well, says ICAP Energy LLC Derivatives Manager Scott Shellady.
"We are still trying to digest the weather damage in South America. New money continues to flow our way as managers still search for returns," he says. "I think that corn has another 25 cents to the upside before we exhaust this bull run for the time-being."
Adds Joe Bedore, trader and analyst with AgResource in Chicago: "The flow of new investment into commodities is likely to be tepid with equities showing far better returns in recent months. Corn and wheat values should find solid support on corrective declines with any weakness centered on the oilseed markets."