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Corn, Beans Close Higher on Bargain Hunting, Adverse Weather

Investors Take Advantage of Low Prices to Snap Up Contracts

Grains and soybeans close higher on Thursday amid bargain hunting and fears that adverse weather will hurt U.S. wheat. 

Prices were barely trading on the plus side of unchanged all session but managed to eke out gains. Wheat finished mixed despite positive fundamentals.

Soybeans are hovering just below the $10 mark, drawing investors looking to get into commodities a cheap way in, analysts said. The low prices may spur buying from importers as well. A weakening dollar, at its lowest level in about a month, is also boosting prices as a weaker greenback gives overseas buyers more purchasing power. 

Freezing weather in much of the southeastern fourth of the U.S. is threatening soft-red winter wheat. Temperatures in parts of southern Illinois, Missouri, Arkansas and all states east have dipped into the teens for several nights, putting at risk wheat plants that are set to or recently have emerged from winter dormancy.

In the southern Plains, little or no rain has fallen in the past month, according to the National Weather Service, leaving soil extremely dry.

Corn futures for May delivery rose 2 3/4 cents to $3.66 1/4 a bushel on the Chicago Board of Trade. 

Soybeans gained 3 1/2 cents to $10.01 1/2 a bushel in Chicago. Soymeal futures added $1.80 cents to $239.40 a short ton, and soy oil rose 0.07 cent to 32.29 cents a pound. 

Wheat futures for May delivery fell 1/2 cent to $4.35 1/2 a bushel. Kansas City wheat added 2 3/4 cents to $4.50 a bushel. 

 

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