John Tuggle: Soybean futures led the way again, rallying over 20 cents/bu. early only to give it all up and close down 16 cents/bu. Corn predictably followed the soybean market, up for a time 10-11 cents/bu. and, even with soybean closing down, ending the day up 4 cents/bu. The wheat market was supportive of the corn market as well, closing up 20 cents/bu. The bean, and in turn corn rally, is largely technical and has rallied enough to initiate a significant amount of short covering. From a corn standpoint, the U.S. corn farmer is doing a good job of not selling cash corn. The wheat market rallied on fears the early, severe cold weather could damage newly planted winter wheat and slow the seeding of wheat not yet planted.
Posted on: Wed, 12 Nov 2014 20:55:05 +0000
Trending Topics
© 2015