Grains - Corn, soybean futures rebound; South America weather eyed
Investing.com
Published Jan 07, 2013 05:48AM ET
Some technical buying also lent support after grain prices moved into oversold territory last week.
On the Chicago Mercantile Exchange, corn futures for March delivery traded at USD6.8438 a bushel, up 0.55% on the day. The March contract rose by as much as 0.9% earlier in the day to hit a session high of USD6.8662 a bushel.
Corn futures fell to USD6.7988 a bushel on January 4, the lowest level since July 2.
Corn prices have lost almost 10% since the start of December, as worries over slowing overseas demand for supplies from the U.S. have weighed on sentiment.
Meanwhile, soybeans futures for March delivery traded at USD13.7425 a bushel, gaining 0.5% on the day. The March contract rose by as much as 1.2% earlier in the session to hit a daily high of USD13.8538 a bushel.
Soy prices fell to a low of USD13.5612 a bushel on January 4, the cheapest level since June 6.
Corn and soy traders continued to monitor crop conditions in Argentina and Brazil, major South American soy growers. The countries will harvest their crops during the next three to four months.
The U.S. Department of Agriculture will update its South American crop forecasts in its January crop report, to be released on Friday January 11.
Elsewhere, wheat for March delivery traded at USD7.5112 a bushel, up 0.55% on the day. The March contract rose by as much as 1% earlier in the session to hit a daily high of USD7.5462 a bushel.
Wheat prices fell to USD7.3988 a bushel on January 4, the weakest level since July 2.
Wheat prices have been under heavy selling pressure in recent weeks, losing nearly 13% since the beginning of December, as technical selling and concerns over poor export demand weighed on sentiment.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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Written By: Investing.com
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