Grains bounce on supply fears
US grain and soybean futures climbed overnight, bouncing back from Thursday's declines. Ongoing fears of tighter 2012 supplies, with private forecasters continuing to cut yield and production forecasts are underpinning prices, analysts say.
Traders are covering positions ahead an extended holiday weekend, reducing risk exposure. Yet, advances are expected to remain limited, as lower production is already factored into prices and a US jobs report raises fear of slower demand amid the threat of slumping economic growth, analysts add.
CBOT Dec corn was up 5c at $7.43 1/2/bushel, Dec wheat was up 8c at $7.69, and Nov soy was up 5 1/2c at $14.40. (firstname.lastname@example.org).
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(END) Dow Jones Newswires
September 02, 2011 08:57 ET (12:57 GMT)