Grains mixed up heading into Wednesday
U.S. grain and soybean futures end the overnight electronic session mixed Wednesday, with traders taking profits on Tuesday's strong gains applying price pressure.
Market watchers say outside markets from crude oil to equities worked against grain futures, as a stronger U.S. dollar served as a negative influence. Dollar denominated commodities were under pressure from trader's views that the strength in the greenback would make U.S. exports more expensive to global consumers.
Still, corn and soybean declines remained limited by tight near term supplies and concerns about weather delaying the spring planting pace.
Soybean contracts for near term delivery, ended higher on tight stockpiles and strength in soymeal, a soybean byproduct. Concerns about slowing U.S. soy crush rates due to limited availability of soybean supplies to crush into soymeal supplies are adding support to soybean prices.
Chicago Board of Trade May soybeans is up 1 1/2 cents, or 0.1% at $14.13 a bushel, May corn is down 1 1/2 cents, or 0.2% at $6.61 3/4, and May wheat is down 3 1/2 cents, or 0.5% at $7.00.
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(END) Dow Jones Newswires
April 17, 2013 09:12 ET (13:12 GMT)
DJ U.S. Grain, Soy Mixed; Nearby Soy up on Tight Supply->copyright