Soybeans climb out of the red
Things have turned around in the soybean pit, but wheat and corn futures continue to sag in early trading Thursday.
In early trading, nearby corn futures are 11 1/2 cents lower at $6.29 1/4 per bushel, while nearby wheat is 15 cents lower at $6.11 3/4, according to Barchart.com. Nearby soybeans managed to slip into the black, trading 3/4 cent higher at $12.40 1/4 per bushel.
Corn slumped despite the news that China has purchased another 900,000 tons of corn, adding to a 1.5-million-metric-ton corn buy earlier this week. Some analysts say this one won't be the last purchase in the next few days, according to a Dow Jones Newswires report.
And, soybeans have turned higher despite growing concerns about the world economy, which analysts say have sent investment money out of the grains and back into safe havens like the U.S. Dollar Index.