Home / Markets / Markets Analysis / Corn market / Report ignored, grains up

Report ignored, grains up

04/08/2011 @ 9:39am

CHICAGO, Illinois (Agriculture.com)--Buying has underpinned a market that originally wad thought to be lower, as a result of a bearish USDA April Supply/Demand Report Friday. 

At mid-session, the May corn futures are 7 1/4 cents higher at $7.66 1/4. The May soybean contract is 22 1/2 cents higher at $13.86. The May wheat futures are 6 3/4 cents higher at $7.80. The May soybean meal futures are $3.40 per short ton higher at $354.30. The July soyoil futures are $1.28 higher at $59.60.

In the outside markets, the NYMEX crude oil is $1.51 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 6 points.

One company stepped in and bought 700 corn futures contract Friday, indicating there is still interest in owning this market, CME Group floor traders say.  

The outside markets are favorable for the grain and soybean markets. That's why things have turned more positive than the bearish sentiment given off by the USDA Report, traders say.


CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Outlook: Harvest Weather Seen Favorable… By: 09/19/2014 @ 11:47am At least one thing is clear. The Midwest frost threat is no longer a worry, through early October…

Soybeans, Wheat Drop Double-Digits By: 09/19/2014 @ 8:38am DES MOINES, iowa (Agriculture.com)—Big yields, favorable weather, held the CME Group’s corn…

All Farm Markets Seen Weaker Friday By: 09/19/2014 @ 7:31am On Friday, the CME Group's corn, soybean, and wheat markets are expected to start lower. The…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Improving Soil Health