Home / News / Crops news / Soybeans surge, corn struggles Thursday

Soybeans surge, corn struggles Thursday

Jeff Caldwell 10/13/2011 @ 3:06pm Multimedia Editor for Agriculture.com and Successful Farming magazine.

Despite news of another purchase of U.S. corn by China, that market ended Thursday's CME Group trading session lower, while soybeans ended the day sharply higher based on stocks USDA showed tighter in its reports on Wednesday.

At the close, December corn futures were 2 1/2 cents lower at $6.38 1/4 per bushel and December wheat was 8 3/4 cents lower at $6.18. November soybeans ended Thursday's trade 17 1/2 cents higher at $12.57 per bushel.



Soybeans traded sharply higher and corn and wheat ended lower on Thursday, though with lingering corn yield reports coming in lower than expected, one trader says the bottom may be in for the corn trade.


Analysts say Wednesday's USDA that showed increasingly tightened soybean stocks provided plenty of bullish support to the bean trade. But, despite a 900,000-ton purchase of U.S. corn by China, the corn trade couldn't shrug off overnight losses. But, that trend could be ending soon.

"Still hearing anecdotal and actual yield reductions and disappointments that is going to help build a floor here," says Scott Shellady, ICAP Energy LLC Derivatives Manager. "Without going out on a limb, I feel as though the lows are in."

CancelPost Comment
MORE FROM JEFF CALDWELL more +

3 Things to Watch This Morning, Friday… By: 03/06/2015 @ 6:34am Grains lower heading into Friday's session.Though corn traded higher during much of the…

3 Things to Watch This Morning, Thursday… By: 03/05/2015 @ 6:21am Watch the funds and the dollar Thursday and beyond. The markets have stabilized after…

Massive Canal Project Seeks to Streamline… By: 03/04/2015 @ 2:49pm It's been referred to as the largest construction project in the history of mankind, and it…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Planter tips: Parallel linkage
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]