Home / Markets / Markets Analysis / Soybeans market / Tuesday grain trade starts ugly

Tuesday grain trade starts ugly

Jeff Caldwell 11/01/2011 @ 10:02am Multimedia Editor for Agriculture.com and Successful Farming magazine.

Early trading has the grains deeply in the red Tuesday morning as worries about European debt and MF Global's bankruptcy situation drive the bearish bus.

December corn is 8 1/4 cents lower at $6.38 3/4 per bushel, while January soybeans are 17 1/4 lower at $11.90 1/4 and December wheat is 10 cents lower at $6.18 1/4, according to Barchart.com. The early losses fall in line with a sharply lower overnight trade.

The trade is completely dialed in to factors other than the typical grain fundamentals, says Derivitaves manager for ICAP Energy LLC and Agriculture.com Market Analyst Scott Shellady. And, it's coming at a huge cost to corn, soybean and wheat prices Tuesday.

"Europhoria turns to Europhobia. MF Global may have some commingling issues. Greece suddenly wants a referendum on the 'bailout' package. And once again, grain fundamentals will take a backseat to headlines. This is getting pretty old, pretty fast," Shellady said Tuesday morning in Marketing Talk.

CancelPost Comment
MORE FROM JEFF CALDWELL more +

Will you plant corn late? Here are 5 tips to… By: 04/23/2014 @ 11:59am There's mounting evidence to support the idea that this spring might be a repeat of last…

Corn Planting Slumps Forward -- USDA By: 04/22/2014 @ 8:13am Corn planting remains behind the normal pace, though a weather window may be opening this week to…

Drought Cuts Southern California Water… By: 04/21/2014 @ 2:53pm The drought is bad in the nation's center. Crops are hurting, and there's a lot of…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Farm Bill 2014 Timeline