Rally on debt deal
US grain and soybean futures rallied overnight, as US law makers reached a tentative agreement to avoid a default on US debt attracted broad-based speculative buying in global markets, analysts said.
US debt agreement and lingering uncertainty about crop potential encouraged traders to cover some recently established short positions. CBOT Dec corn was up 8 3/4c at $6.77 1/2/bushel; Sept wheat up 12c at $6.84 1/2; Nov soy up 14 3/4c at $13.72.
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(END) Dow Jones Newswires
August 01, 2011 08:51 ET (12:51 GMT)