Home / Markets / Markets Analysis / Corn market / Grains ride outside factors higher

Grains ride outside factors higher

Jeff Caldwell 11/29/2011 @ 2:19pm Multimedia Editor for Agriculture.com and Successful Farming magazine.

The grain markets finished Tuesday's trading session higher, with wheat posting gains of nearly 20 cents/bushel.

At the close, the December corn futures contract was 6 1/4 cents higher at $5.91 3/4 per bushel, while December wheat ended 19 3/4 cents higher at $5.74 3/4, according to Barchart.com. January soybeans ended the day 4 cents higher at $11.25 per bushel.

Tuesday's market action was based almost entirely on outside market factors; a lack of fresh fundamental news for the grains kept traders' focus on other bullish markets. In afternoon trading, the Dow Jones Industrial Average was 75 points higher, crude oil was hovering around the $100/barrel mark and the U.S. Dollar index was slightly lower, all bullish for the grains.

Does that mean the bearish trend of recent weeks has turned around? Though the last 2 days have been a welcome bounceback, it's not a sure thing yet, says ICAP Energy LLC Derivatives Manager Scott Shellady.

"We have seen some positive numbers, like today's consumer confidence numbers, but we still have a Euro Zone problem that has yet to be solved," he says. "Let's remember that the rally seen yesterday was off of seven straight days of selling on the DOW. We still have not been able to recoup those losses so lets not get too excited just yet."

CancelPost Comment
MORE FROM JEFF CALDWELL more +

'HMO' labels in the future? By: 10/30/2014 @ 12:52pm Growing crops will not always take place in open fields. There's a growing number of companies…

The Farmer's Holiday Gift-Buying Guide… By: 10/30/2014 @ 9:54am The holiday season is on its way. Why wait until the last minute to get your gift shopping done? If…

Midweek Weather Hits: Mostly Dry Now, Cooler… By: 10/29/2014 @ 9:24am With the exception of a few showers in parts of the region -- some of which added up to an inch of…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Looking Out for Soybean Cyst Nematodes