Corn and soybeans sometimes follow trends in crude oil futures given their respective roles as feedstocks for ethanol and biodiesel fuel. Similarly, crude oil futures fell on worries that interest rate hikes could weigh on demand. The greenback drew support this week as investors upped their expectations for U.S. grains less attractive globally, although the dollar later turned lower. dollar index hung over the grain markets, making U.S. “It creates a conversation: Is the Brazilian bean crop big enough to offset the losses in Argentina?” said Tom Fritz, a partner with EFG Group in Chicago.Įarly strength in the U.S. CBOT March wheat settled up 1/2 cent at $7.65-1/2 a bushel.Ĭorn and soybean futures chopped around this week as traders shifted their focus from problems with drought-hit crops in Argentina to expectations of a record-large Brazilian soybean harvest. Uncertainty about the future of a Black Sea grain export corridor underpinned values, while a firming dollar and declines in crude oil prices capped rallies.ĬBOT March soybeans settled up 3/4 cent at $15.27-1/4 per bushel and March corn ended up 1-3/4 cents at $6.77-3/4 a bushel (all figures US$). ![]() weekend and weighed contrasting crop prospects in South America, analysts said. Chicago | Reuters - Chicago Board of Trade corn, soybean and wheat futures closed modestly higher on Friday as traders squared positions ahead of a three-day U.S.
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