Back to Main Morning Report: Markets Lose Gains

• Published: 2010-02-04 20:56:48

  On Wednesday agricultural commodity markets lost most the gains they made on Tuesday. Soybeans lead the charge. CBOT March soybeans lost 17.5c to close at 908USc/bu. The strong South American crop is weighing on global markets, and yesterday’s firmer $US and weaker crude oil saw markets lose their earlier gains.
  
  March Winnipeg canola futures finished Wednesday's session on the defensive, losing $3.20 over the day to close at CA$377/t. Large farm stocks are weighing on the market, and with an improvement in price many growers were eager to sell early in the day, forcing prices lower.
  
  Fund selling saw CBOT corn fall. March corn closed down 12c to 353USc/bu, reaching a four month low. Gains earlier in the week lead to thoughts that the market was consolidating, however last night’s losses reinforces that corn is in a downward trend.
  
  Wheat also reached four month lows. Fund selling and a stronger $US saw CBOT march corn end down 18.25c to 469USc/bu. Funds were aggressive sellers as soybeans and corn entered double digit losses and as selling accelerated.
  

  Tags: Wheat ,  Coarse Grain ,  Oilseeds , 

  

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