Home / Markets / Markets Analysis / Corn market / Traders trim early gains, even positions

Traders trim early gains, even positions

Jeff Caldwell 07/13/2012 @ 10:38am Multimedia Editor for Agriculture.com and Successful Farming magazine.

Early gains have been trimmed as traders look to even positions heading into the weekend.

Nearby corn futures are trading 3 1/4 higher at $7.35 1/2, while nearby soybeans are 17 1/2 higher at $15.46 1/2 and wheat is 3 higher at $8.49 3/4.

Despite the turn lower in mid-session trading Friday, there's little reason to believe the bulls are out of the market. In fact, Agriculture.com Market Analyst and floor trader Scott Shellady says the market is starting to characterize this year's drought among the worst to hit the Corn Belt.

"Here comes the heat and I am now finally starting to hear some very seasoned traders say that this could actually be the one we talk about for the next 20 years similarly to 1988," Shellady said Friday.

CancelPost Comment
MORE FROM JEFF CALDWELL more +

Rain Chances, Global Tumult Sink Grains… By: 07/29/2014 @ 2:57pm After a higher day for corn and soybean futures on Monday, itwas a 'Turnaround Tuesday'…

Risk Management, Farm Policy Critical During… By: 07/29/2014 @ 2:01pm The business of raising corn, soybeans and wheat isn't what it was a couple of years ago. Now…

Wheat Leads Grains Lower in Tuesday A.M… By: 07/29/2014 @ 11:12am Since Monday afternoon's USDA Crop Progress report that showed a slight slip in crop…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Scott Shellady: Options 101