Grains mixed as corn stabilizes
U.S. grain and soybean futures ended the overnight electronic session mixed Friday, with "old crop" corn and soybean contracts or futures that represent supplies from last year's harvest, firm on tight stockpiles.
Corn futures are higher, stabilizing after a collapse in nearby contracts Thursday. The corn market experienced choppy price action overnight as traders struggle to factor in the impact of current weather conditions on 2013 crop production potential.
"Weather news remains a double-edged sword for corn, delaying planting and causing flooding, but also improving soil moisture after the historic 2012 drought," said Bryce Knorr, analyst with Farm Futures, an agricultural publication.
Meanwhile, deferred month soybean contracts are lower, pressured by outlooks for substantial increases in U.S. soybean production in 2013.
Wheat futures are lower, fueled by a lack of fresh supportive news to attract buyers, but declines remain limited by concerns adverse weather in the Plains caused damage to winter wheat crops this week.
Chicago Board of Trade May corn were up 3 3/4 cents, or 0.6%, at $6.48 1/4 a bushel, May soybeans were unchanged at $14.30 1/2, and May wheat was down 1/2 cent, or 0.07%, at $7.02 1/4.
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(END) Dow Jones Newswires
April 19, 2013 09:23 ET (13:23 GMT)
DJ U.S. Grain, Soy Mixed; Corn Stabilizes After Thursday Slide->copyright
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