Home / Markets / Markets Analysis / Corn market / Grains slump after bearish overnight

Grains slump after bearish overnight

Jeff Caldwell 11/02/2012 @ 6:27am Multimedia Editor for Agriculture.com and Successful Farming magazine.

The dip in corn prices late in Thursday's session has infected all the grains heading into Friday, with overnight prices lower across the board leading up to Friday's opening.

The result is mostly lower early calls for Friday's trade: Corn is seen opening 1-3 lower, soybeans 8-10 lower and wheat unchanged to 2 cents lower, according to private sources.

Overnight trading saw the grains dipping into the red; as of 6:00 AM CST, the December corn futures contract was 1 3/4 lower at $7.49 1/4, while December wheat was 1/4 cent lower at $8.68 1/4. January soybeans were 9 1/4 lower at $15.50 3/4.

The bearish tone heading into Friday's session comes despite many expectations that demand -- largely on the export market -- will continue to underpin prices at current levels or higher for the foreseeable future. "Talk of demand and a tighter crops have got things pretty well underpinned," says Trean Group options specialist, trader and Agriculture.com Market Analyst Scott Shellady.

CancelPost Comment
MORE FROM JEFF CALDWELL more +

Another Rough Winter? Farmers' Almanac… By: 08/27/2014 @ 7:30am Not again! A year ago, the Farmers' Almanac, which has been around for almost two centuries…

Easing Farmland Values No… By: 08/26/2014 @ 2:23pm Just because the land market has leveled off from its meteoric rise of the last few years…

Sudden Death Syndrome Popping Up in Midwest… By: 08/26/2014 @ 7:11am The ample moisture in the last week or so in parts of the Corn Belt has been a boon for corn and…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Markets Finish Mixed